All banks, Dedicated Electronic Money Issuers (DEMIs) and Enhanced Payment Service Providers (EPSPs) have been directed to submit detailed weekly reports on inward remittance transactions.
According to the Bank of Ghana (BoG), this is expected to curb foreign exchange violations as financial institutions are obliged to provide daily logs of individual remittance transactions for each Money Transfer Operator (MTO), alongside the total daily foreign exchange credited into their respective Nostro accounts.
This is to enhance transparency, accountability, and regulatory oversight within the foreign exchange and remittance ecosystem.
“The move is in line with its responsibility to safeguard the integrity and stability in the country’s FX market and to ensure compliance with the Updated Guidelines for Inward Remittance Services”, the Governor of the Bank of Ghana has said during the 125th MPC press briefing.
Institutions that fail to submit accurate and timely reports risk regulatory sanctions, such as, revocation of remittance licenses or termination of partnerships with non-compliant institutions as it intensifies enforcement efforts.
“Note that 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 BoG said in a statement July 29, 2025.
The directive follows continuous breaches of FX rules by certain banks and remittance partners, including the use of unapproved channels, unauthorised forex swaps and the application of unofficial exchange rates.
Consequently, the Importers and Exporters Association of Ghana has raised serious concerns over persistent foreign exchange (forex) access challenges, despite the recent appreciation of the Ghanaian Cedi against major international currencies.
In a press statement issued last week, the Association noted that businesses continue to struggle to obtain forex through commercial banks, pushing many to turn to the black market, where foreign currency is more accessible but at significantly higher rates.
“It is disheartening that while the Cedi has seen some level of appreciation, businesses continue to face significant hurdles in sourcing forex from traditional banking institutions,” the statement read.
“This situation has compelled many legitimate importers and exporters to resort to the black market, where forex is traded at inflated rates, worsening the cost of doing business and undermining macroeconomic stability.”
The Association referenced recent media reports highlighting ongoing dollar shortages and the increasing influence of informal currency dealers often referred to as “Abokis” accused of hoarding forex and manipulating market prices.
The regulator is asking financial institutions to strictly adhere to the following guidelines:
i. The funding of the Local Settlement Account should be strictly done in accordance with section 7.1 (c) of the Updated Guidelines for Inward Remittance Services by Payment Service Providers.
ii. Ensure that all disbursements shall be from the Local Settlement Account as stated in section 7.2 (a) of the Updated Guidelines for Inward Remittance Services by Payment Service Providers.
iii. DEMIs/EPSPs should ensure that pre-funding arrangement with the Settlement Bank shall be done in accordance with section 7.2 (b) of the Updated Guidelines for Inward Remittance Services by Payment Service Providers.
By Adnan Adams Mohammed
