The Bank of Ghana (BoG) has directed all banks to discontinue the payment of foreign currency (FCY) cash to large corporates unless such transactions are fully supported by equivalent foreign cash deposits lodged by the same institution.
It said banks must retain proper documentation to confirm the source of funds for every payout.
A notice from the Bank, signed by the Secretary, said it had observed with concern the growing practice of foreign currency (FCY) cash withdrawals by Large corporations that were not directly funded by prior FCY cash deposits.
This practice, according to BoG, exerts avoidable pressure on the foreign exchange market deposits and undermines efforts to ensure stability.
Some of the Large corporations included Bulk Oil Distribution Companies, mining companies, and other similar actors.
The Bank of Ghana remains committed to supporting the operations of Large
Corporations, recognising their critical role in sustaining petroleum supply, mineral exports, and other essential sectors of Ghana’s economy.
It said to this end, the Bank, in partnership with the government, had put in place mechanisms to source and provide foreign exchange liquidity to meet legitimate import obligations of large corporates.
It said these measures were 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,” it added.
The statement said non-compliance would attract appropriate regulatory sanctions.
It urged relevant industry associations to bring the notice to the attention of their members and ensure their adherence.
