Bank of Ghana Bans Unfunded Foreign Currency Cash Payments to Large Corporates

The Bank of Ghana has ordered commercial banks to halt foreign currency cash payments to large corporates unless those payments are fully backed by equivalent foreign currency cash deposits. The Bank of Ghana notice, issued on 20 August 2025, singles out bulk oil distributors and mining firms as the primary categories of large corporate recipients affected by the directive, and makes clear that non-compliance will attract regulatory sanctions.

The directive sits alongside Ghana's long-standing rules that the cedi is the sole legal tender and that goods and services may not be priced or paid for in foreign currency. The directive extends its enforcement reach into the specific area of FCY cash disbursements to large corporates that are not matched by identifiable deposit backing.

DOCUMENTATION REQUIREMENTS FOR FCY PAYOUTS

Beyond the prohibition on unfunded disbursements, the directive places explicit record-keeping obligations on banks. Each institution is required to maintain documentation that verifies the source of funds for every foreign currency payout it processes.