Banking experts are pressing the Bank of Ghana (BoG) to establish a centralised remittance tracking system amid declining inflows, warning that April’s downturn threatens recent gains in the cedi’s stability.
The call follows BoG data showing remittances which bolstered the cedi’s 42.6% appreciation against the dollar in first-half 2025 have faltered since April, risking foreign exchange reserves and exchange rate progress.
Dr. Richmond Akwasi Atuahene, a banking governance consultant, attributes the vulnerability to Ghana’s lack of real-time remittance monitoring infrastructure. “Without comprehensive tracing across the value chain, non-compliance and forex leakages persist,” he stated, advocating for unified B2B software linking banks, money transfer operators (MTOs), and fintech firms. His proposal cites success in Sri Lanka, Bangladesh, and Pakistan, where centralised platforms capture 90% of remittances, funding up to 80% of trade deficits.
The BoG’s recent Notice (No. BG/GOV/SEC/2025/20) underscores the urgency, citing “continued violations” by financial institutions. These include unapproved transaction channels, unauthorised forex rates, and incomplete disclosure practices the central bank says erode transparency. New weekly reporting mandates now require MTOs to submit daily disbursement records and Nostro account credits, with non-compliance triggering sanctions.
Governor Dr. Johnson Pandit Asiama acknowledged the slump at the 125th Monetary Policy Committee meeting, confirming BoG is “investigating thoroughly” and demanding full data from remittance players. “All forex earned abroad must accrue to the system,” he emphasized, linking the flows to ongoing exchange rate stability.
Dr. Atuahene further urged a forensic audit of 2019–2025 remittances, targeting bank/MTO Nostro accounts to align with Ghana’s Foreign Exchange Act (2006) and Payment Systems Act (2019). “Remittances rival cocoa or gold proceeds in strategic importance,” he stressed. “Enforcement and reform cannot remain peripheral.”