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The Bank of Ghana has warned banks, dedicated electronic money issuers (DEMIs), enhanced payment service providers (EPSPs), and money transfer operators (MTOs) over continued violations of the country’s foreign exchange laws and remittance guidelines.
In a public notice dated July 29, 2025, the central bank said it had observed persistent non-compliance with the Foreign Exchange Act, 2006 (Act 723), and the Updated Guidelines for Inward Remittance Services, despite several cautions and reminders.
The Bank outlined several infractions, including the termination of inward remittances through unapproved channels, unauthorised foreign exchange swaps related to remittance business, processing of remittances for institutions without prior approval, and the application of unprescribed foreign exchange rates.
“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 statement warned.
To ensure adherence, the central bank reminded stakeholders that local settlement accounts must be funded strictly according to Section 7.1 (c) of the guidelines, and all disbursements must be made from these accounts, as stated in Section 7.2 (a). Additionally, DEMIs and EPSPs must ensure pre-funding arrangements with settlement banks align with Section 7.2 (b).
In line with its regulatory mandate to maintain transparency and accountability in the remittance and foreign exchange ecosystem, the Bank of Ghana has directed all banks, DEMIs and EPSPs to submit weekly reports for each MTO. These must include a daily log of individual inward remittance transactions and the corresponding foreign exchange credited into their Nostro accounts.
“Failure to submit accurate and timely reports constitutes a regulatory breach under Section 42 of the Payment Systems and Services Act (Act 987) and Section 93(3)(d) of Act 930 and will attract the appropriate administrative sanctions,” the notice signed by the Secretary of the Bank of Ghana, Sandra Thompson, stated.
The central bank’s action signals a renewed crackdown on remittance malpractice in a bid to stabilise the foreign exchange regime and improve monitoring of inflows amid Ghana’s ongoing economic recovery efforts.