Bank of Ghana Issues Stern Warning Over Persistent Forex Violations
The Bank of Ghana (BoG) has delivered a robust ultimatum to financial institutions found to be consistently flouting the nation’s foreign exchange regulations. In a decisive move, the Central Bank has warned that continued breaches could result in the revocation of operating licenses, underscoring its commitment to maintaining order and compliance within the financial sector. This strong message comes after a series of unheeded warnings regarding widespread infractions.
Central Bank Flags Key Violations and Targeted Institutions
In a statement released on July 29, 2025, the Bank of Ghana expressed profound concern over the recurring nature of these violations, despite numerous previous advisories and reminders. The warning specifically targets a broad spectrum of financial entities, including commercial banks, electronic money issuers, payment service providers, and money transfer operators. These institutions are frequently cited for contravening provisions of the Foreign Exchange Act of 2006, along with updated guidelines governing inward remittances. Among the serious violations identified are the processing of remittances through channels not approved by the Central Bank, conducting unauthorized foreign exchange swaps, settling remittances without prior clearance from the BoG, and the illicit application of unofficial exchange rates in transactions. Such practices undermine the integrity of the foreign exchange market and pose significant risks to economic stability.
The Central Bank’s firm stance underscores a critical period for financial compliance in Ghana. Institutions are now under strict scrutiny, with the Bank of Ghana prepared to enforce the full extent of its regulatory powers to ensure adherence to foreign exchange laws. This move is crucial for safeguarding the economy, promoting transparency, and protecting consumers from illicit financial practices within Ghana’s dynamic financial landscape.
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