The Bank of Ghana (BoG) has rolled out a new directive requiring all banks to charge a 5% fee on foreign currency withdrawals when the funds were not deposited in cash.
This means customers who withdraw Dollars, Euros, or other foreign currencies from accounts funded through remittances, transfers, or electronic deposits will now face the extra charge.
How the New Fee Works
- Cash Deposits: If you physically deposit foreign currency notes into your account, you can withdraw them without paying the 5% fee.
- Non-Cash Sources: If your account balance comes from transfers, remittances, or any non-cash source, then withdrawing in foreign currency will attract the 5% charge.
The central bank says this is part of measures to stabilise the cedi, protect forex reserves, and improve oversight of foreign currency use in Ghana.
Why BoG Introduced the Fee
The policy is aimed at:
- Reducing speculative forex withdrawals.
- Preventing abuse of foreign currency accounts.
- Strengthening Ghana’s foreign exchange management system.
By enforcing a clear difference between cash and non-cash deposits, BoG wants to tighten control over forex transactions and promote fair access.
This means that:
- Individuals receiving money from abroad through remittances will be charged 5% if they withdraw in foreign currency.
- Businesses and corporates without proof of cash deposits will face the same fee for foreign currency cash withdrawals.
- Customers may need to reconsider whether to withdraw in cedis to avoid the extra charge.
Industry-Wide Compliance
This is not limited to one bank—all commercial banks in Ghana are required to enforce the 5% withdrawal fee. While some banks previously charged between 3% and 5%, the BoG directive now makes 5% the standard minimum industry-wide for non-cash foreign withdrawals.
This BoG directive reshapes how forex accounts work in Ghana. It may help protect the cedi, but it also adds a cost for many everyday users who rely on remittances and transfers.
