Bank of Ghana Cracks Down on Forex Irregularities
Accra, Ghana – 30 July, 2025 – The Bank of Ghana (BOG)has issued a stern warning to financial institutions, including banks, dedicated electronic money issuers, enhanced payment service providers, and money transfer operators, over persistent violations of foreign exchange laws and remittance guidelines.
In a public notice dated July 29, 2025, the central bank expressed concern over the continued non-compliance with the Foreign Exchange Act, 2006 (Act 723), and the Updated Guidelines for Inward Remittance Services.
The notice signed by the Secretary of the Bank of Ghana, Sandra Thompson, stated that the regulator has observed several infractions, including terminating inward remittances through unapproved channels, unauthorized foreign exchange swaps, processing remittances without prior approval, and applying irregular exchange rates.
According to the BOG ,it will impose sanctions on institutions that fail to comply, including terminating remittance partnerships with non-compliant money transfer operators. To ensure adherence, financial institutions must fund local settlement accounts according to Section 7.1(c) of the guidelines and submit weekly reports for each money transfer operator.
The regulator has directed all banks, dedicated electronic money issuers, and enhanced payment service providers to submit weekly reports, including,daily logs of individual inward remittance transactions ,corresponding foreign exchange credited into their Nostro accounts.
Failure to submit accurate and timely reports will attract administrative sanctions under relevant laws.
This crackdown signals the Bank of Ghana's renewed efforts to stabilize the foreign exchange regime and improve monitoring of inflows amid Ghana's ongoing economic recovery efforts.
Source:Lead News Online
