Dr Johnson Asiama is the BoG Governor
The Bank of Ghana has issued a strong warning to financial institutions that continue to breach the country’s foreign exchange regulations, stating they risk losing their licenses if the violations persist.
In a statement released on July 29, 2025 the Central Bank expressed concern over repeated infractions, despite several prior warnings and reminders.
It singled out commercial banks, electronic money issuers, payment service providers, and money transfer operators for frequently contravening the Foreign Exchange Act of 2006 and the updated guidelines on inward remittances.
Some of the reported violations include processing remittances through unapproved channels, conducting foreign exchange swaps without authorisation, settling remittances without clearance from the Central Bank, and applying unofficial exchange rates.
The Bank of Ghana warned that any institution found breaching foreign exchange regulations would face sanctions, including the cancellation of remittance licenses and the termination of partnerships with non-compliant Money Transfer Operators (MTOs).
“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,” it cautioned.
The Central Bank further directed all institutions to strictly adhere to the specific guidelines for funding and operating Local Settlement Accounts in accordance with the revised inward remittance rules.
DR/MA
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