Ghana Banks Begin Charging 5% Fee on Forex Withdrawals Under New BoG Directive

Commercial banks in Ghana have begun enforcing a 5% levy on foreign exchange withdrawals, in line with new directives from the Bank of Ghana (BoG). The fee applies specifically to foreign currency accounts credited through transfers or cheque deposits, while accounts funded with direct cash deposits are exempt (Joy Business).

According to the central bank, the measure forms part of its revised charges and reporting framework on foreign currency transactions. The aim is to tighten oversight of forex flows, discourage speculative withdrawals, and encourage more cash-based deposits (CitiNewsroom).

The policy is expected to hit importers, exporters, and individuals who rely heavily on international transfers and remittances. Banks are now mandated to submit a detailed utilisation report to the BoG for every forex withdrawal not funded with physical cash, clearly stating the purpose and use of the funds (Bank of Ghana).

Additionally, banks seeking to import foreign currency must declare the intended use before approval and later provide a post-importation utilisation report. These changes fall under broader anti-money laundering efforts and compliance with Ghana’s updated thresholds on foreign currency holdings — capped at $10,000 for inbound travellers and $50,000 for outbound travellers.

In response, the Importers and Exporters Association of Ghana has advised its members to use credit and Visa cards when travelling, instead of carrying large sums of cash, to avoid running afoul of the central bank’s directive (AdomOnline).