The Bank of Ghana has issued a strong warning to banks, Dedicated Electronic Money Issuers, Enhanced Payment Service Providers, and Money Transfer Operators for persistently breaching the country’s foreign exchange and remittance guidelines, despite several previous cautions.
In a formal notice dated July 29, 2025, and signed by the Bank’s Secretary, Sandra Thompson, the central bank expressed grave concern over the continued disregard for the Foreign Exchange Act, 2006 (Act 723), and the Updated Guidelines for Inward Remittance Services by Payment Service Providers. The notice highlighted specific infractions, including the termination of inward remittances through unapproved channels, unauthorized foreign exchange swaps linked to remittance transactions, processing remittances for institutions without the Bank’s prior approval, and the use of unapproved foreign exchange rates in remittance settlements.
The Bank of Ghana made it clear that any institution found in violation of these guidelines would be subject to sanctions. These could include the immediate termination of remittance partnerships with non-compliant Money Transfer Operators. The notice emphasized the importance of aligning remittance practices with the approved guidelines to ensure financial system integrity and protect Ghana’s foreign exchange regime.
In addition to warning against non-compliance, the Bank directed all regulated financial institutions to strictly adhere to specific operational standards under the guidelines. These include proper funding of Local Settlement Accounts, ensuring that all disbursements originate from these accounts, and maintaining pre-funding arrangements with settlement banks as stipulated.
To strengthen transparency and regulatory oversight, the Bank of Ghana also instructed banks, DEMIs, and EPSPs to submit weekly reports. These must contain daily data on inward remittance transactions for each Money Transfer Operator and the corresponding foreign exchange amounts credited to Nostro accounts. Any institution that fails to comply with the reporting obligations will be deemed to have violated Section 42 of the Payment Systems and Services Act (Act 987) and Section 93(3)(d) of the Banks and Specialised Deposit-Taking Institutions Act (Act 930), and will face the necessary administrative sanctions.
The Bank’s directive is part of a broader effort to reinforce compliance and safeguard the country’s foreign exchange stability, particularly at a time when remittances remain vital to Ghana’s economy.
