Commercial banks across Ghana have started implementing a 5% fee on all foreign currency (forex) cash withdrawals, following a new directive from the Bank of Ghana (BoG) aimed at curbing rising demand for foreign currency and stabilising the cedi.
The move comes as the central bank battles persistent pressure on Ghana’s foreign exchange reserves and volatility of the local currency. By imposing this fee, the BoG hopes to discourage unnecessary forex withdrawals and reduce speculative demand, which it says contributes to the cedi’s depreciation.
The 5% levy applies to cash withdrawals from foreign currency accounts, including U.S. dollars, euros, and pounds sterling. 
It affects both individuals and businesses who withdraw physical forex from their accounts.
The measure does not apply to electronic transfers or payments made directly from foreign currency accounts.
Banks have begun notifying their customers of the changes, with the charges taking effect immediately.
Many Ghanaians who regularly withdraw forex—such as travellers, importers, and business operators—will now pay higher transaction costs.
Some financial analysts warn this could push more people toward informal currency markets, while others believe it will help preserve Ghana’s dwindling forex reserves.
According to the Bank of Ghana, foreign currency withdrawals have surged in recent months, placing pressure on the nation’s reserves. The regulator believes that discouraging excessive cash withdrawals will help strengthen the cedi and improve liquidity management in the banking system.
A statement from a BoG representative said the move is part of a broader strategy to “promote stability in the forex market and ensure prudent use of foreign currency resources.”
The directive has sparked mixed reactions among the public. Some customers see it as an added financial burden during a period of rising living costs, while others support it as a necessary step to stabilise the economy.
