BoG tightens forex account rules for banks and investors

The Bank of Ghana has introduced new regulatory guidelines governing the operation of Vostro Accounts and Non-Resident Margin Accounts (NRMAs) held with resident banks in Ghana.

Issued on Tuesday, April 14, 2026, the new framework replaces earlier guidelines issued on March 5, 2026, which previously regulated the operations of Vostro Accounts by non-resident banks.

According to the central bank, the updated guidelines are aimed at ensuring the orderly functioning of the domestic foreign exchange market, supporting monetary policy operations, and strengthening the interbank forex market.

The BoG also explained that the new rules are designed to improve transparency, auditability, traceability, and oversight of cross-border foreign exchange transactions, while reducing the risk of regulatory arbitrage and the circumvention of existing forex controls.

The directive, issued under the Foreign Exchange Act, 2006 (Act 723), also aligns with the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), as well as other applicable regulations and prudential requirements.

It applies to all licensed resident banks in Ghana and non-resident banks that maintain Vostro Accounts and NRMAs with them.

Under the new rules, Vostro Accounts are to be used strictly for investment-related capital transactions, including the inflow, holding, deployment, and repatriation of investment funds in Ghana.

Permitted transactions include non-resident portfolio investments in medium- to long-term Government of Ghana securities, corporate bonds, equities, and other capital market instruments approved by the Securities and Exchange Commission Ghana, the Bank of Ghana, or other relevant regulators.

The accounts may also receive investment income such as interest, dividends, coupons, and proceeds from the sale or maturity of approved investment instruments, including funds for repatriation.

The BoG further stated that inflows into Vostro Accounts must come from capital inflows where foreign currency is sold to a resident bank, while outflows are restricted to foreign currency purchases for repatriation of investment proceeds or approved investment activities.

It added that any other permitted use must be expressly designated by the Bank of Ghana as an investment capital transaction.