Ghana: BoG Directs Commercial Banks To Halt Foreign Currency Cash Payment To Mining, Bulk Oil Distribution Companies

Ghana’s central bank, the Bank of Ghana, on Thursday directed all commercial banks in the country to immediately halt payment of foreign currency cash to large corporate bodies, including mining companies and Bulk Oil Distribution Companies (BDCs), if such payments are not backed by prior foreign currency deposits, a statement by the bank said.

The bank, in a notice issued by Aimee V. Quashie (Ms) on August 20, 2025, said it has observed with concern the growing practice of dollar cash withdrawals by large corporates that are not supported by foreign currency deposits.

According to the central bank, this practice is contributing to avoidable pressure on the already fragile foreign exchange market and undermining ongoing efforts to stabilize the cedi.

Mining companies and BDCs are among the biggest consumers of foreign exchange in Ghana, given their reliance on imports for equipment, fuel, and other critical inputs.

Ghana spends nearly $400 million monthly to import petroleum products, and bulk oil importers rely on commercial banks and forex bureaux.

“With immediate effect, all banks are directed to discontinue the payment of foreign currency cash to large corporates unless such transactions are fully supported by equivalent foreign currency cash deposits lodged by the same institution,” the bank said.

Source:https://energynewsafrica.com