The Bank of Ghana has banned the cash withdrawal of large volumes of foreign currency by large corporates with immediate effect.

According to the bank, this has been observed among large corporates, including Bulk Oil Distribution Companies, mining companies, and others, despite their accounts not being credited with matching deposits.

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It noted that the practice exerts avoidable pressure on the foreign exchange market and undermines efforts to ensure stability.

"Accordingly, with immediate effect, all banks are directed to discontinue the payment of FCY cash to Large Corporates unless such transactions are fully supported by equivalent FCY cash deposits lodged by the same institution," a statement on July 21, 2025, said.

The Central Bank also noted that banks must retain proper documentation to confirm the source of funds for every payout.

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"The Bank of Ghana remains committed to supporting the operations of Large Corporates, recognising their critical role in sustaining petroleum supply, mineral exports, and other essential sectors of Ghana’s economy," the BoG added.

On the availability of forex on the market, the bank noted that in partnership with the government, it has put in place in place mechanisms to source and provide foreign exchange liquidity to meet legitimate import obligations of Large Corporates.

These measures, it noted, are designed to safeguard market stability while ensuring that vital supply chains remain uninterrupted.

"We expect all banks to comply strictly with this directive and to cooperate fully with the Bank of Ghana in ensuring that available foreign exchange resources are applied efficiently and transparently.

"Non-compliance will attract appropriate regulatory sanctions. Relevant industry associations are kindly requested to bring this Notice to the attention of their members and ensure their adherence," it stressed.

SSD/EB