Bank of Ghana Cracks Down: Stricter Rules for Remittance Compliance Amid Violations
The Bank of Ghana (BoG) has announced significant new enforcement measures targeting key players in the country’s remittance ecosystem. This move, as reported by GNA on July 31, 2025, is a direct response to persistent non-compliance issues within the inward remittance sector. The central bank’s directive applies broadly to commercial banks, Dedicated Electronic Money Issuers (DEMIs), Enhanced Payment Service Providers (EPSPs), and Money Transfer Operators (MTOs), signaling a firm resolve to uphold regulatory standards and ensure the integrity of financial flows in Ghana.
Regulatory Breaches Undermine Financial Integrity
The BoG’s notice, signed by Sandra Thompson, the central bank’s Secretary, highlights a pattern of recurring violations despite prior warnings. These infractions are primarily centered on breaches of the Foreign Exchange Act, 2006, and the updated Guidelines for Inward Remittance Services by Payment Service Providers. Among the critical issues identified are the unauthorized termination of inward remittances through unapproved channels – a practice that undermines formal financial systems crucial for economic transparency. Furthermore, the central bank noted instances of engagement in Foreign Exchange Swaps linked to inward remittance businesses, which can create avenues for illicit financial activities. Another significant violation involves the termination of remittances on behalf of institutions without obtaining the necessary prior approval from the Bank of Ghana. These actions threaten the stability and transparency of Ghana’s financial sector, potentially impacting the country’s ability to track foreign exchange flows and protect consumers. In the broader African tech landscape, where mobile money and digital payment solutions are rapidly expanding, ensuring strict compliance with remittance regulations is paramount for fostering trust and sustainable growth in cross-border transactions.
The tightening of rules by the Bank of Ghana underscores its unwavering commitment to reinforcing financial discipline and ensuring adherence to established guidelines within the remittance industry. This proactive stance aims to curb illicit financial activities and protect the formal channels through which vital foreign currency inflows reach the Ghanaian economy. For the affected financial institutions and payment service providers, this announcement serves as a stern reminder of their regulatory obligations, emphasizing the central bank’s readiness to enforce compliance to safeguard Ghana’s financial system.
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