In a decisive move aimed at restoring trust and transparency in Ghana’s financial system, the Bank of Ghana (BoG) has taken stern action against non-compliance in the remittance and forex sector. On July 29th, 2025, the Central Bank issued a public notice citing persistent violations of the Foreign Exchange Act, 2006 (Act 723) and the updated Inward Remittance Guidelines.
The regulator has warned banks, money transfer operators (MTOs), electronic money issuers, and payment service providers that continued breaches will result in sanctions, including the termination of partnerships with non-compliant MTOs.
The Nature of the Violations
The BoG outlined a troubling pattern of conduct, including:
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Use of unapproved remittance channels
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Unauthorized forex swaps
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Termination of remittance flows without BoG approval
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Use of unprescribed exchange rates
Despite prior cautions, these practices have continued, compromising the transparency and fairness of the remittance ecosystem.
“The Bank will sanction any violating institution and terminate the remittance partnerships of all MTOs whose operations are not in compliance,” the notice declared.
New Weekly Reporting Regime
To address these violations, the BoG has mandated weekly reporting of transaction-level inward remittances by all regulated institutions. These reports must include:
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Daily logs of individual transactions
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Daily totals of foreign exchange inflows into Nostro accounts for each MTO
This requirement takes immediate effect and is enforceable under:
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Section 42 of the Payment Systems and Services Act (Act 987)
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Section 93(3)(d) of Act 930 (Banks and SDIs Act)
Failure to comply will attract administrative penalties, with possible suspension or disqualification from the remittance ecosystem.
Why This Matters: Protecting Ghana’s Forex Stability
Remittances are a vital source of foreign exchange for Ghana, playing a crucial role in the country’s balance of payments and the livelihoods of millions of households. In 2024 alone, Ghana saw billions of dollars in remittance inflows.
However, misuse of unapproved forex channels, non-transparent rates, and remittance swap abuses have undermined market confidence. The BoG’s crackdown aims to:
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Improve transparency in pricing and reporting
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Eliminate informal/unregulated operators
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Ensure fair value for recipients
Industry Reactions and What to Expect
Financial analysts predict that BoG’s new enforcement regime could lead to:
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Stricter partnerships between banks and MTOs
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Increased compliance costs for smaller operators
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Enhanced trust in Ghana’s forex and digital payment ecosystem
While some players may exit the market, the BoG’s directive is expected to streamline the remittance space, benefiting compliant actors and consumers.
With this directive, the Bank of Ghana signals its zero-tolerance policy toward regulatory breaches in the remittance and forex sector. As the financial system continues to digitize, transparency and accountability will be the cornerstone of Ghana’s economic stability.
Source: Accra Street Journal
Last Updated on July 30, 2025 by Samuel Kwame Boadu
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Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.
