BoG Tightens Grip on Remittance Sector, Warns of Sanctions for Rule-Breakers
Here’s another version of the story with a fresh but still strong angle:
BoG Tightens Grip on Remittance Sector, Warns of Sanctions for Rule-Breakers
The Bank of Ghana (BoG) has intensified its oversight of the remittance industry, ordering all banks, electronic money issuers, payment service providers, and money transfer operators (MTOs) to comply strictly with updated Inward Remittance Guidelines or face sanctions.
In a notice issued on 29th July 2025, the central bank cited widespread breaches of the Foreign Exchange Act, 2006, including the use of unapproved channels for inward remittances, unauthorised termination of transfers, engagement in forex swaps, and applying exchange rates outside approved thresholds.
BoG stressed that partnerships with non-compliant MTOs will be terminated, with errant institutions facing regulatory penalties under Act 987 and Act 930.
“These violations compromise the transparency and integrity of the remittance and forex ecosystem. The Bank will sanction any institution that fails to comply,” the notice said.
Mandatory weekly transaction reporting
To improve monitoring, BoG has directed all regulated entities to file weekly transaction-level reports, capturing daily remittance logs and foreign exchange inflows into Nostro accounts. The reports are expected to plug data gaps and enhance oversight of Ghana’s multi-billion-cedi remittance market.
Protecting a vital foreign exchange lifeline
Remittances remain a crucial pillar of Ghana’s economy, supporting millions of households and shoring up forex reserves. BoG believes stricter enforcement will curb malpractice, stabilise exchange rates, and safeguard trust in the sector.
The regulator reaffirmed its commitment to ensuring transparency and accountability in remittance flows, urging all operators to align their processes with the updated guidelines before sanctions are enforced.
