Bank of Ghana Tightens Regulatory Measures on Remittance Operations

Strategic Insights -

The Bank of Ghana has taken drastic measures to regulate the foreign exchange market by banning unapproved channels for remittance operations. The Central Bank has also tightened enforcement of the Foreign Exchange Act and the Guidelines for Inward Remittance Services, effective immediately. The governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, emphasized that banks and payment service providers must comply with the new regulations to avoid sanctions. This move is part of the Central Bank's effort to align Ghana's regulatory standards with international norms.

Key Takeaways:

  • The Bank of Ghana has banned the usage of unapproved channels for remittance operations, including FX swaps within remittance operations and remittance terminations without Central Bank approval.
  • Effective immediately, banks and payment service providers must submit weekly inward remittance reports detailing transactions and FX credits to Nostro accounts.
  • Failure to comply with the new regulations will attract sanctions under the Payment Systems and Services Act and the Banks and Specialised Deposit-Taking Institutions Act.
  • The Central Bank will engage the Ghana Association of Banks in a structured discussion on proposals related to NOC support, FX forward auctions, remittance coordination, and market liquidity.
  • The regulatory agenda is forward-leaning, aiming to bring Ghana in line with the highest international standards.
  • The Central Bank has clarified that all banks and payment service providers must adhere to the new regulations, with no exceptions.

Statistics:

  • No specific statistics or data are provided in the article.
  • The Central Bank has emphasized the importance of compliance with international standards.
  • The regulatory agenda is focused on enhancing market liquidity and promoting a stable foreign exchange market.

Sources:

  • Ghana Web, "Bank of Ghana bans unapproved channels for remittance operations" (13 August 2025)
  • Bank of Ghana's Guidelines for Inward Remittance Services and the Foreign Exchange Act