The Bank of Ghana (BoG) has issued a stern warning and introduced tougher sanctions against Banks, Dedicated Electronic Money Issuers (DEMIs), Enhanced Payment Service Providers (EPSPs), and Money Transfer Operators (MTOs) found violating inward remittance guidelines.
In a notice signed by Sandra Thompson, Secretary at the central bank, the BoG expressed concern over persistent breaches of the Foreign Exchange Act, 2006, and the Updated Guidelines for Inward Remittance Services by Payment Service Providers, despite multiple warnings.
According to the notice, some institutions have continued to use unapproved channels for terminating inward remittances and have engaged in unauthorised foreign exchange swaps within the context of their remittance operations.
Other major violations cited include:
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Termination of remittances on behalf of institutions without prior approval from the BoG
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Use of unprescribed foreign exchange rates
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Failure to comply with funding and disbursement protocols set out in the updated remittance guidelines
The central bank reaffirmed its resolve to sanction any offending entity and dissolve partnerships with MTOs that operate outside the approved regulatory framework.
To ensure strict compliance, the BoG reiterated the following directives:
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Funding of the Local Settlement Account must align with section 7.1(c) of the guidelines
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All disbursements should be made strictly from the Local Settlement Account, as per section 7.2(a)
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Pre-funding arrangements with settlement banks must adhere to section 7.2(b)
Additionally, all Banks, DEMIs, and EPSPs are now required to submit weekly reports per MTO, detailing:
The BoG emphasized 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 administrative sanctions.
These latest actions reflect the Bank’s intensified efforts to promote transparency, compliance, and accountability in Ghana’s remittance and foreign exchange ecosystem.
