There is a growing perception among expatriates and foreign investors community that “Ghana is becoming more difficult to move money in and out of.” Recent guidelines issued by the Bank of Ghana appear to be reinforcing this perception.
The latest guidelines, released on April 14, 2026 in pursuant of Foreign Exchange Act, 2006 (Act 723) and Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) by the central bank to provide regulatory clarity and operational direction on the maintenance and use of Vostro Accounts, have left many foreign investors concerned.
Vostro Account is an account that a foreign bank opens with a local Ghanaian bank in Ghanaian mainly for international trade settlement, remittances, and clearing of payments in Ghanaian Cedis. It allows foreign banks to easily make and receive payments in Ghana without having to physically move money every time.
According to the guidelines, Vostro Accounts can only be used for Investment Capital Transactions. This means foreign investors can bring money into Ghana solely to buy Government bonds, Treasury bills, corporate bonds, shares (equities) in companies, and other approved investment instruments. They can only repatriate their funds when they sell or redeem these investments. The Vostro Account cannot be used for normal day-to-day trading, imports, or any non-investment activities.
“Permissible inflows into Vostro Accounts shall only arise from: a. Capital inflows involving the sale of foreign currency to a resident bank where: The non-resident bank transfers foreign currency to the resident bank’s Nostro Account; and The resident bank credits the corresponding Ghana cedis (GHS) to the Vostro Account of the non-resident bank. Receipt of proceeds from approved Investment Capital Transactions.”
Although the guidelines allow a foreign bank to maintain Vostro Accounts with multiple Ghanaian banks (subject to notifying the Bank of Ghana), back-to-back foreign exchange deals are now heavily restricted and permitted only under very specific investment conditions.
Simply put, these guidelines risk reducing foreign inflows by “forcing” portfolio investors to scale back or completely avoid investing in Ghanaian assets due to exit concerns. Lower demand for government securities could push up yields, making it more expensive for the government to borrow domestically. With potentially slower FX inflows, the cedi may come under renewed pressure, especially if foreign reserves fail to build up as expected.
The move risks reinforcing the perception that Ghana is becoming increasingly difficult for foreign capital, coming after years of macroeconomic challenges and previous policy flip-flops.
Some analysts regard the new guidelines as overly restrictive and too bureaucratic. Although intended to reduce abuse and build a more stable, transparent FX regime, limiting Vostro accounts to only “Investment Capital Transactions” and banning most back-to-back FX deals removes the flexibility that foreign investors and banks normally expect.
Key restrictions include:
- No direct flows or transfers shall occur between a Vostro Account and the account of any individual or entity unless the non-resident bank or its underlying investor has an investment with the said entity.
- Vostro Accounts shall not be used for foreign exchange (FX) remittances or non-investment-related payments.
- Commingling of Investment and Non-Investment Capital Transactions is not permitted within the same Vostro Account.
- No credit or overdraft facilities shall be granted on a Vostro Account.
- No cash deposits or withdrawals shall be permitted.
- Inter-Vostro transactions are prohibited except where they result directly from the purchase or sale of an investment instrument.
Some local economists support the move, arguing that it will help curb abuse and protect monetary policy. However, the dominant view among international market participants is one of caution and disappointment.
Read Bank of Ghana’s full statement below