Following new guidelines from the Bank of Ghana, Commercial banks in Ghana have begun enforcing a 5% fee on foreign exchange withdrawals.
The levy applies to foreign currency accounts funded through transfers or cheque deposits, while accounts credited with cash deposits remain exempted.
The move being implemented under the Central Bank’s revised charges and reporting requirements on foreign currency cash transactions is to tighten oversight of forex flows, discourage speculative withdrawals and encourage cash-based deposits.
This development is going to heavily impact importers, exporters, and individuals dependent on international transfers and remittances and those who frequently withdraw from foreign exchange accounts.
“Under the revised guidelines, banks must now submit a utilization report to the central bank for every foreign currency withdrawal not funded with physical cash deposits, clearly outlining the purpose and use of the funds.
Additionally, banks seeking to import foreign currency cash must declare the purpose of importation in their requests and provide a post-importation utilization report detailing how the funds were deployed’, Citinews.
The new rules form part of broader anti-money laundering measures and are designed to enforce compliance with Ghana’s revised thresholds on foreign currency holdings — $10,000 for inbound travelers and $50,000 for outbound travelers.
Already, the Importers and Exporters Association of Ghana has urged its members to use credit and Visa cards when travelling, rather than carrying large sums of cash to avoid running afoul of the central bank’s directive”, Citinews.
Source: gitficonline.com