Ghanaian banks introduce 5% fee on forex withdrawals

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A Ghanaian. 3 months ago

MAHAMA AND BOG THIVES

MAHAMA AND BOG THIVES
God bless NPP government Akuffo Addo.. 3 months ago

It pleases me to know that all ghanains who refused to votes for the NPP and the fools persuaded to votes for this extremely incompetent man will also fall victim to their own intellect, from the inevitable,inescapable Realit ...
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It pleases me to know that all ghanains who refused to votes for the NPP and the fools persuaded to votes for this extremely incompetent man will also fall victim to their own intellect, from the inevitable,inescapable Reality they helped deny.
PMK 3 months ago

Kwasia like you. A terribly corrupt party like Npp would have destroyed the country by now. Eight years and all the economic indicators turned RED. By the way why is that corrupt/thief Ofori Atah still hiding in the US if he ...
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Kwasia like you. A terribly corrupt party like Npp would have destroyed the country by now. Eight years and all the economic indicators turned RED. By the way why is that corrupt/thief Ofori Atah still hiding in the US if he and his brother and Bawuliar really managed the economy well. We're far better of with Mahama in the helm of affairs than you deadly economic hyenas. Shame on you. Nation wreckers.
Alidu 2 months ago

PMK don't be stupid and stop following political part blindly without aim, Ghana economic was one of fast growing economy in the world before coroner, you and l all witnessed the devastation caused by Corona hence stop being ...
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PMK don't be stupid and stop following political part blindly without aim, Ghana economic was one of fast growing economy in the world before coroner, you and l all witnessed the devastation caused by Corona hence stop being stupid
ll 2 months ago

it was the so called fastest because it had borrowed more than all governments put together without matching investments,so when it was time to pay we couldnt

it was the so called fastest because it had borrowed more than all governments put together without matching investments,so when it was time to pay we couldnt
Ghanaman 2 months ago

When the government begins this king of unlawful institutional robbery, there are consequences. People will stop keeping foreign currency in the banks, and many who have some sense of patriotism and honesty in declaring the r ...
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When the government begins this king of unlawful institutional robbery, there are consequences. People will stop keeping foreign currency in the banks, and many who have some sense of patriotism and honesty in declaring the right taxes and conducting business honestly, will throw it to the dogs now. It will come back to bite this government.
saga 3 months ago

masa leave npp out of this they are worse do you people have brains at all

masa leave npp out of this they are worse do you people have brains at all
50,000 ? 3 months ago

Are you sure ?

Are you sure ?
Dunny 3 months ago

What impudence

What impudence
fg 3 months ago

BOG is confused.
How can you take people to take away more of the thing that you do not have by allowing those travelling out to take 50,000 USD but restrict those bring in to just 10,000 USD?

BOG is confused.
How can you take people to take away more of the thing that you do not have by allowing those travelling out to take 50,000 USD but restrict those bring in to just 10,000 USD?

Obaa Sima 3 months ago

I didn’t quite understand what you said so just making assumptions here. If you’re referring to the maximum 10,000 cash then note that it isn’t a GoG policy, but a IS one to fight money laundering. You can have more t ...
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I didn’t quite understand what you said so just making assumptions here. If you’re referring to the maximum 10,000 cash then note that it isn’t a GoG policy, but a IS one to fight money laundering. You can have more than 10,000 dollars on you, but you must declare a bank letter confirming g the source of that amount - ie beyond 10,000
AB 2 months ago

Is it only money brought in that can be used to finance terrorist activities?

So people can buy $ and travel out with $50,000 at a time! Hmmmmmmmm!

Is it only money brought in that can be used to finance terrorist activities?

So people can buy $ and travel out with $50,000 at a time! Hmmmmmmmm!
DEEVINITY 2 months ago

$50,000 may refer to importers and businesses (especially Ghanaian traders).

$50,000 may refer to importers and businesses (especially Ghanaian traders).
DEEVINITY 2 months ago

But the law must be specific and make the distinction between who can carry how much and why. An individual going on holiday cannot justify the repatriation of US$50K nor does it make logical sense to allow that kind of leewa ...
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But the law must be specific and make the distinction between who can carry how much and why. An individual going on holiday cannot justify the repatriation of US$50K nor does it make logical sense to allow that kind of leeway for a country subject to the negative backlash of the Petro-$ geo-politics.
Obaa Sima 3 months ago

Hopefully we are talking abijt the same thing, otherwise I apologize.

Hopefully we are talking abijt the same thing, otherwise I apologize.
fg 3 months ago

Aaa Obaa Sima, you are the politest person I have encountered on this platform. God Bless you.
The story itself was not as clear as you have mentioned, but the confusing part is about saying you can only bring in 10,000USD ...
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Aaa Obaa Sima, you are the politest person I have encountered on this platform. God Bless you.
The story itself was not as clear as you have mentioned, but the confusing part is about saying you can only bring in 10,000USD without stating that you if you have excess you must declare. They story also says when leaving you can carry up to 50,000USD as compared to 10,000 when coming in.
I am impressed by you decorum. Woye Obaa Sima ampa.
Kwame 3 months ago

This is misguided, an egregious idiocy. It will completely dry up the inflows of remittances into the country and make the black market to flourish. Who will work hard here and send money only to be charged a whopping 5% for ...
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This is misguided, an egregious idiocy. It will completely dry up the inflows of remittances into the country and make the black market to flourish. Who will work hard here and send money only to be charged a whopping 5% for nothing? My pastor used to pose this question - "Sense dey inside??
COD 3 months ago

@ Kwame; This is one of the most stupid and incompetent moves of this Mahama`s NDC gov`t.
One can leave Ghana holding $50, 000.00 in hand, but can enter Ghana only with $10, 000.00?
Is this not promoting and encouraging som ...
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@ Kwame; This is one of the most stupid and incompetent moves of this Mahama`s NDC gov`t.
One can leave Ghana holding $50, 000.00 in hand, but can enter Ghana only with $10, 000.00?
Is this not promoting and encouraging some cash capital flights out from Ghana?
AB 2 months ago

This was started by the previous government and the charge was 3%. This was punitive enough and am not sure why the increase to 5%.

I need some one to explain the economic reasoning behind it.

This was started by the previous government and the charge was 3%. This was punitive enough and am not sure why the increase to 5%.

I need some one to explain the economic reasoning behind it.
Madam dog 3 months ago

Mahama is just not a smart man

Mahama is just not a smart man

fg 3 months ago

This is pure daylight robbery.
So, I work had to earn or undertake a business to earn 100,000USD, the BOG is saying that for no reason apart from robbery, they will take a whooping 5000USD (60,000 cedis) from my 100,000USD ...
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This is pure daylight robbery.
So, I work had to earn or undertake a business to earn 100,000USD, the BOG is saying that for no reason apart from robbery, they will take a whooping 5000USD (60,000 cedis) from my 100,000USD after I have already paid all my taxes. How does this make any sense to the governor, Ato Forson, Mahama, and the government? This will not happen in any country.
The same way some kind Finance Minister just got up took monies of pensioners and refused to pay till they were booted out.
kusie 3 months ago

yes exactly the case

yes exactly the case
AB 2 months ago

This was started by NPP at 3% and we said nothing. Now it's 5%. Is that the cost of importing Forex?

This was started by NPP at 3% and we said nothing. Now it's 5%. Is that the cost of importing Forex?
Eliana 2 months ago

Why don’t you sell your dollars to the bank and take cedis , than to withdraw in dollars to be charged.

Why don’t you sell your dollars to the bank and take cedis , than to withdraw in dollars to be charged.
ERICUS 2 months ago

Ohh dear you are thinking deep into this and is good of you. They mentioned some exemption in the statement and I think that's what the BOG want us to do. You just look at the demands given to the Banks.

Ohh dear you are thinking deep into this and is good of you. They mentioned some exemption in the statement and I think that's what the BOG want us to do. You just look at the demands given to the Banks.
Nii 3 months ago

Absolute Ludacris. Will weaken the cedi further.

Absolute Ludacris. Will weaken the cedi further.
kusie 3 months ago

will strengthen the cedi rather,read the headline well

will strengthen the cedi rather,read the headline well
T.T 3 months ago

Hahaha,Ato Forson is working! Ghanaians deserve what is happening.

Hahaha,Ato Forson is working! Ghanaians deserve what is happening.
CEDI NÒ APIKI 2 months ago

By Ato Forson

By Ato Forson
JD 3 months ago

knee-jerk reaction on the part of BOG and Ato Forson

knee-jerk reaction on the part of BOG and Ato Forson

Kofi 3 months ago

This is highway robbery

This is highway robbery
Odinga 3 months ago

This is insane...how do you safe guard your foreign currency by allowing 10 in and 50 out.
Think about it!

This is insane...how do you safe guard your foreign currency by allowing 10 in and 50 out.
Think about it!
Concerned citizen 3 months ago

They're not safeguarding any foreign currency. But rather strengthening the Cedi. Having too much foreign devalue the local currency. Less in and more out reduces the amount of foreign currency in the country.

They're not safeguarding any foreign currency. But rather strengthening the Cedi. Having too much foreign devalue the local currency. Less in and more out reduces the amount of foreign currency in the country.
Wagyimi paa 3 months ago

Do you know what banking is. If people save foreign currency in banks in Ghana, does the government not have access to it? Tell me how banks make their money

Do you know what banking is. If people save foreign currency in banks in Ghana, does the government not have access to it? Tell me how banks make their money
DEEVINITY 2 months ago

@Concerned Citizen. You should study the data on the sheer volumes of £$ repatriation by both investors and local businesses/importers.

@Concerned Citizen. You should study the data on the sheer volumes of £$ repatriation by both investors and local businesses/importers.
Kwesi 3 months ago

It means push your foreign money through BOG to your bank account so that they gain remittance tax and when you want to withdraw also. It will attract the 5% withdrawal tax. NDC Double taxation resetting Ghana policy. Go ...
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It means push your foreign money through BOG to your bank account so that they gain remittance tax and when you want to withdraw also. It will attract the 5% withdrawal tax. NDC Double taxation resetting Ghana policy. Good one
Agbalagba 3 months ago

Buului.

Buului.
Patriot 3 months ago

Totally brain dead and irrational regulation!!!

Totally brain dead and irrational regulation!!!
BOG WRONG, this will hurt the Cedi! 3 months ago

What is going on at the Bank of Ghana? Is the BOG suggesting that limiting cash dollar inflows into Ghana (only $10,000) versus encouraging higher cash dollar outflows ($50,000) will support the cedi? What financial or econom ...
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What is going on at the Bank of Ghana? Is the BOG suggesting that limiting cash dollar inflows into Ghana (only $10,000) versus encouraging higher cash dollar outflows ($50,000) will support the cedi? What financial or economic logic supports this policy?

The issue at the center of the cedi instability is the oversupply of cedis and under supply of dollars coupled with a significantly higher demand for dollars! So how does a decrease in supply of dollar-inflows support the cedi?

If this policy is implemented, the cedi will depreciate further! Taking out more dollars for travel weakens the demand for cedis and increases the demand for dollars because people have to sell cedis to buy dollars. Conversely, reducing the inflow of dollars limits the supply of dollars relative to cedis and should put a downward pressure on the value of the cedi (cedi will depreciate!).

This policy will amplify the shortage of dollars in the system and lead to a fast weakening of the cedi in both the official and black markets.

My colleagues at the BOG should rethink this policy.
Yew 3 months ago

STUPID MAHAMA WHAT THE IS HE DOING ? MANY FAMILIES IN GHANA DEPEND ON FUNDS FROM OVERSEA TO EAT AND HE WANTS THEM TO PAY 5% OF WHATEVER THEY GET ??? WHAT A BULL SHIT WHY ARE GHANIANS DONT TAKE TO THE STREETS AND PROTEST ...
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STUPID MAHAMA WHAT THE IS HE DOING ? MANY FAMILIES IN GHANA DEPEND ON FUNDS FROM OVERSEA TO EAT AND HE WANTS THEM TO PAY 5% OF WHATEVER THEY GET ??? WHAT A BULL SHIT WHY ARE GHANIANS DONT TAKE TO THE STREETS AND PROTEST ARE YOU ALL COWARDS ? GHANA MAN WHERE ARE YOU THE GOVT IS COMING AFTER YOUR WIFE NEXT WAKE UP
Edi 3 months ago

NDC govt lost it boycott all forex in ghana make them go out of business what a disgrace thiefs

NDC govt lost it boycott all forex in ghana make them go out of business what a disgrace thiefs
Kofi Adu 3 months ago

Ghanaians entering the country can carry only five thousand dollars. But those in Ghana leaving the country are allowed to carry fifty thousand dollars. Is this policy going to help the economy?

Ghanaians entering the country can carry only five thousand dollars. But those in Ghana leaving the country are allowed to carry fifty thousand dollars. Is this policy going to help the economy?
Alidu 2 months ago

Ojam, it's 10,000 not 5,000

Ojam, it's 10,000 not 5,000
Wake up Ghanaians 3 months ago

This policy will only allow political criminals to loot the country and move it abroad.

This policy will only allow political criminals to loot the country and move it abroad.
Boat 3 months ago

At this point, it’s lucid to say: maybe we should encourage galamsey so the government can mine more gold, sell it, and pump the proceeds into the economy to stabilise the cedi.

For those remitting money through traditio ...
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At this point, it’s lucid to say: maybe we should encourage galamsey so the government can mine more gold, sell it, and pump the proceeds into the economy to stabilise the cedi.

For those remitting money through traditional banks, there are already charges! some flat, others percentage-based. And now, with the new Bank of Ghana directive, banks are required to charge a whopping 5% on foreign currency cash withdrawals.

Well, the idea might be laudable, if my 13-year-old nephew were the Bank of Ghana governor, presiding over our broken family estate, which is limited to at most two people sending money from abroad.

Let’s get things straight: Ghana’s economy is speculative at best. Any ordinary policy, or even an ill-advised statement can throw it into disarray. The reason people pay transaction fees to send money into their foreign accounts in Ghana isn’t just because they’re “walking to the bank to hoard dollars.” they need to safeguard their earnings from depreciation because the managers of the economy can't keep the cedi stable.

To the managers, there is a catch, you don't drive remittance down; those are direct injections of good cash into the economy. People in the diaspora have lost great deal of money in the useless undertaking that spanned for 4 months that cost Ghana a fortune. And I doubt this current trend would discouraged them to send foreign currency to Ghana for part to be deducted as a penalty. Mind you, foreign currency accounts don't even pay interest.

Policy makers need to start showing Ghanaians some real maturity and spare us the gimmickry. First of all, the new administration messed up badly. They’ll never recover. The cedi’s free fall is going to hit us hard. When they had the chance to save it, they chose to indulge in something they couldn’t finish: pumping $4.4 billion into the system. And God knows who benefitted from that intentional mistake.

Those with “real” access had enough cedis to convert into dollars and hoard, while my poor uncle couldn’t afford to send money home. And when he did, out of necessity, because our grandma needed insulin and antihypertensives; he had to cough up nearly one-fifth of his earnings abroad.

If that’s not ridiculous enough, the same person will be charged again if he returns home and wants to travel back with his own money, just because he sent it to Ghana. How is this any different from the cancelled e-levy?

And guess what? That same mindset is why we still see 50-year-old rickety vans plying our roads as trotros, spewing dangerous fumes and killing people like game trophies. All because new vehicles can’t be cleared at the ports; deliberately discouraging Ghanaians in the diaspora from investing, however small, in our fragile economy.

Governance isn’t rocket science. Just be practical because you're being paid to be practical.
Thieves 3 months ago

What is the Bank of Ghana and Finance Minister doing about it. They charge you ridiculous account maintenance fees and they want to charge withdrawal fees? How is Ghana going to be competitive in attracting foreign investors?

What is the Bank of Ghana and Finance Minister doing about it. They charge you ridiculous account maintenance fees and they want to charge withdrawal fees? How is Ghana going to be competitive in attracting foreign investors?
DEEVINITY 2 months ago

You should be worried about local businesses and investors. Ghana has always retained and sustained the colonial philosophy of punitive business legislation which are diametrically opposed to the state rhetoric of making the ...
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You should be worried about local businesses and investors. Ghana has always retained and sustained the colonial philosophy of punitive business legislation which are diametrically opposed to the state rhetoric of making the private sector the country's engine of growth and prosperity. A clear case in point is our ill-thought out and destructive tax structure across board. We have become the idiot who finds great pride and satisfaction in cutting his nose to spite his own face and sabotaging himself consistently by shooting himself in the foot.
By their fruits 3 months ago

Now i must decide whether to continue doing exports.

It makes no sense to give away 5% of export earnings to my Bank that refuses to finance my exports.

Now i must decide whether to continue doing exports.

It makes no sense to give away 5% of export earnings to my Bank that refuses to finance my exports.
kusie 2 months ago

you can transfer it directly rather than withdrawing it and putting pressure on our small dollar reserves

you can transfer it directly rather than withdrawing it and putting pressure on our small dollar reserves
Kanawu, USA 3 months ago

STEALING FROM YOUR OWN CITIZENS

STEALING FROM YOUR OWN CITIZENS
Atiah 3 months ago

People will just keep foreign currencies at home and this policy will just aid the black market.

People will just keep foreign currencies at home and this policy will just aid the black market.
kusie 2 months ago

if you deposited physical dollars that law doesnt apply,learn to read about rules completely if you want to criticize it

if you deposited physical dollars that law doesnt apply,learn to read about rules completely if you want to criticize it
RASTA BANGI 2 months ago

BOG SHOULD REVERSE THIS POLICY BACK TO THE 3% TO AVOID THE INFORMAL REMITTANCE SYSTEM FROM FLOURISHING UNLESS SOMEONE HAS INTEREST IN THE INFORMAL SECTOR.
THIS POLICY WILL STARVE THE COUNTRY OF THE NEEDED FOREX AND RATHER BO ...
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BOG SHOULD REVERSE THIS POLICY BACK TO THE 3% TO AVOID THE INFORMAL REMITTANCE SYSTEM FROM FLOURISHING UNLESS SOMEONE HAS INTEREST IN THE INFORMAL SECTOR.
THIS POLICY WILL STARVE THE COUNTRY OF THE NEEDED FOREX AND RATHER BOOST THE INFORMAL SECTOR.
I DON'T KNOW IF BOG DOES PROPER RISK MANAGEMENT BEFORE INTRODUCING POLICIES.
Yew 2 months ago

NDC AND BANK OF GHANA ARE LAWLESS CRIMINALS HAVE NO SHAME STEALING FOR THE GHANAIANS PUBLIC

NDC AND BANK OF GHANA ARE LAWLESS CRIMINALS HAVE NO SHAME STEALING FOR THE GHANAIANS PUBLIC
Osofo 2 months ago

Hey Hey Hey. I am happy been smart to stop what was going on. Most people transfer money from their cedi account into their dollar account at BOG exchange rate and then withdraws the dollar in cash from the bank and then go ...
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Hey Hey Hey. I am happy been smart to stop what was going on. Most people transfer money from their cedi account into their dollar account at BOG exchange rate and then withdraws the dollar in cash from the bank and then go and sell it at the black market for profit. If the BOG rate is 10.5 he will go and sell it 11.5. Forinstance if I buy $10000@10.5 will amount to ghs 105,000. If I redraw the dollar in cash from the bank and sells it on the black market at 11.5, will amount to Ghs 115 000. This means by being smart i will amount cool profit of Ghs 10 000. This is what is going on now my dear friends.
Kojois 2 months ago

Poor people

Poor people
ABC KingHorns 2 months ago

Good evening to you all! Please cease and desist from all insults! I am an expect in monitoring and evaluation
and have read all the 55 comments and only Kusie( comment no.51) and Osofo( comment 54).have passed! Osofo has ...
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Good evening to you all! Please cease and desist from all insults! I am an expect in monitoring and evaluation
and have read all the 55 comments and only Kusie( comment no.51) and Osofo( comment 54).have passed! Osofo has got 95%, Kusie has got 70% All others have scored between 0 to 49%! CEASE FIRE! Simply put Most Bank officials are in the business of withdrawing foreign currencies from their banks at BOG rate say 12 cedis to 1dollar as of today and go and sell them in the black market rate of 14 to 15 cedis to 1 dollar! BOG wants to stop these activities!
Enzosunny 2 months ago

How can I get started and withdraw the money

How can I get started and withdraw the money

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Ghanaian banks introduce 5% fee on forex withdrawals

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