Ghana: BoG Directs Banks to Halt Foreign Currency Cash Payments to Large Corporates

The Bank of Ghana (BoG) has ordered banks to stop giving out foreign currency cash to large corporates unless the withdrawals are backed by equivalent deposits.

According to the central bank, it has become concerned about the increasing practice where companies, such as Bulk Oil Distribution Companies and mining firms, withdraw large amounts of foreign currency without first depositing cash in the same currency.

It said this practice puts pressure on the foreign exchange market and affects efforts…