BoG cracks down on unapproved remittance Channels in new compliance drive

By Prince Antwi August 13, 2025

The Bank of Ghana (BoG) has announced a ban on the use of unapproved channels for remittance operations, as part of a broader effort to tighten compliance in the foreign exchange market.

Governor Dr. Johnson Pandit Asiama said the new measures strengthen enforcement of the Foreign Exchange Act and the Guidelines for Inward Remittance Services, ensuring greater transparency and adherence to best practices.

“There will be no use of unapproved channels for remittance terminations, no FX swaps within remittance operations, no remittance terminations without BoG approval, and no application of unprescribed FX rates,” Dr. Asiama stated during an engagement with CEOs of banks.

Effective immediately, all banks and payment service providers are required to submit weekly inward remittance reports, including full transaction details and foreign exchange credits to Nostro accounts.

Failure to comply, the governor warned, will result in sanctions under the Payment Systems and Services Act and the Banks and Specialised Deposit-Taking Institutions Act.

Dr. Asiama also revealed that the BoG will work with the Ghana Association of Banks in structured discussions to address proposals related to Net Open Position (NOP) support, FX forward auctions, remittance coordination, and market liquidity, with the goal of finding “practical, market-friendly solutions.”

The central bank stressed that the reforms are part of a forward-looking regulatory agenda, designed to align Ghana’s financial system with the highest international standards.