The Bank of Ghana has directed commercial banks to immediately stop paying foreign currency cash to large corporates, including bulk oil distribution companies and mining firms, unless the transactions are backed by equivalent deposits. This move aims to reduce pressure on the foreign exchange market and promote stability.
The central bank’s directive, effective immediately, requires banks to retain proper documentation to confirm the source of funds for every payout. The Bank of Ghana reassured large corporates of its continued support, citing their crucial role in sustaining petroleum supply, mineral exports, and other key sectors of the economy.
To ensure uninterrupted supply chains, the Bank of Ghana, in partnership with the government, has established mechanisms to provide foreign exchange liquidity to meet legitimate import obligations of large corporates. Non-compliance with the directive will attract regulatory sanctions, emphasizing the importance of efficient and transparent use of foreign exchange resources.
Ruth Abla ADJORLOLO
