BANK OF GHANA

PRESS RELEASE


REVISION TO FOREIGN EXCHANGE NOTICES

Pursuant to its mandate under the Foreign Exchange Act 2006 (Act 723),
the Bank of Ghana, on February 4, 2014, issued three (3) Notices:

(i) Additional Operating Procedures for Forex Bureaux in Ghana -
NOTICE NO. BG/GOV/SEC/2014/01;

(ii) Operations of Foreign Exchange Accounts (FEA) and Foreign
Currency Accounts (FCA) - NOTICE NO. BG/GOV/SEC/2014/02;
and

(iii) Repatriation of Export Proceeds - NOTICE NO. BG/GOV/SEC/2014/
03.

Subsequently the Bank of Ghana, on February 13, 2014, issued a Notice to
clarify the aforementioned Notices NOTICE NO. BG/GOV/SEC/2014/04.

In keeping with the Banks undertaking to review the foreign exchange
measures, and following consultations with stakeholders and the general
public as well as an analysis of the available data, the Bank of Ghana, on
June 16, 2014 issued, NOTICE NO. BG/GOV/SEC/2014/09, to amend
the rules on foreign exchange operations.

The Bank of Ghana continued to monitor the measures and having
observed some implementation challenges and following further
consultations, has decided to revise the rules on foreign exchange
operations as follows:

1. The limit of $1000.00 on over-the-counter foreign exchange cash
withdrawal is removed.

2. Exporters shall continue to repatriate in full export proceeds in
accordance with the terms agreed between the trading parties. Such
proceeds shall be credited to their FEAs and converted on need basis.

3. FEAs and FCAs will continue to be opened and operated as they were
before the Notices of February 4, 2014.

4. Except for transfers from FEA to FCA which are still prohibited, all
other transfers between accounts are permitted.
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5. For the avoidance of doubt :

i) FCAs shall be fed only with unrequited transfers such as
transfers from abroad for investment or embassy transfers.

ii) FEAs shall be fed with foreign exchange generated from
activities in Ghana such as proceeds from exports of goods and
services.

6. The threshold for transfers abroad without initial documentation
remains at $50,000.00. Where documentation in respect of a transfer
remains outstanding, any subsequent import transaction by an
importer, irrespective of value, shall only be made on prior provision
of documentation required for the current import transaction.

7. Importers who use non - cash instruments (plastic cards) may
continue to load up to $50,000 to meet their legitimate needs abroad
subject to the necessary documentation requirements.

8. Foreign currency denominated loans may be granted by resident
banks to their customers subject to their own internal procedures
and processes and in compliance with the risk management
guidelines of the Bank of Ghana.

9. Cheques and cheque books may be issued by banks to holders of
FEAs and FCAs.

The Bank of Ghana reiterates that the Ghana cedi remains the sole legal
tender in Ghana. Therefore, pricing, advertising, invoicing, receiving, and
making payments for goods and services should be done in Ghana cedis,
unless otherwise authorized by the Bank of Ghana.

Existing measures which are not amended by this Notice shall continue to
remain in force.


August 8, 2014