The Bank of Ghana (BoG) has issued a stern warning to banks, electronic money issuers, payment service providers, and money transfer operators (MTOs) over widespread non-compliance with remittance guidelines and foreign exchange regulations.
In a notice dated July 29th 2025, the central bank revealed persistent violations of the Foreign Exchange Act, 2006 and updated Inward Remittance Guidelines, despite repeated cautions. Offences cited include using unapproved channels for inward remittances, engaging in foreign exchange swaps, terminating remittances without prior BoG approval, and applying unprescribed exchange rates.
The regulator warned that offending institutions face severe sanctions, including the termination of remittance partnerships for non-compliant MTOs.
“The Bank will sanction any violating institution and terminate the remittance partnerships of all MTOs whose operations are not in compliance with the approved guidelines,” the notice read.
Weekly transaction-level reporting now mandatory
To enhance transparency and integrity in Ghana’s foreign exchange and remittance ecosystem, the BoG has directed all regulated entities to submit weekly reports. These must detail daily individual inward remittance transaction logs and the corresponding daily sums of foreign exchange credited into Nostro accounts for each MTO.
Failure to file accurate and timely reports will be treated as a regulatory breach under Section 42 of the Payment Systems and Services Act (Act 987) and Section 93(3)(d) of Act 930, attracting strict administrative penalties.
Why it matters
Ghana’s remittance industry is a key source of foreign exchange, with inflows supporting millions of households and the country’s balance of payments. However, the BoG says irregularities, such as unapproved channels and misuse of forex rates undermine transparency and risk eroding trust in the system.
The move is expected to tighten oversight, improve forex market stability, and ensure fairer pricing for consumers while weeding out non-compliant operators.
