Commercial banks in Ghana have started charging a 5% fee on foreign exchange withdrawals following new directives from the Bank of Ghana.

This fee applies specifically to foreign currency accounts that receive funds through electronic transfers or cheque deposits.

However, if the account is credited with physical cash, the withdrawal is exempt from this charge.

The Bank of Ghana introduced this measure as part of a broader effort to strengthen oversight of foreign exchange transactions.

It is also to combat money laundering and ensure compliance with updated regulations on foreign currency holdings.

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Under the revised rules, travelers entering Ghana are allowed to carry up to $10,000 in foreign currency, while those leaving the country can carry up to $50,000.

By discouraging speculative withdrawals and promoting cash-based deposits, the central bank aims to better manage the flow of foreign currency within the financial system.

In addition to the fee, banks are now required to submit detailed reports to the central bank whenever a foreign currency withdrawal is made from an account not funded with cash.

These reports must explain the reason for the withdrawal and how the funds will be used.

Banks that wish to import foreign currency cash must also declare the purpose of the import and later provide a report showing how the money was utilised.

SA/MA

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