BoG demands weekly reports on inward remittances to curb FX breaches
The Bank of Ghana (BoG) has issued a directive requiring all banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs) to submit weekly reports on inward remittance transactions.
The move aims to clamp down on violations of foreign exchange (FX) rules.
Effective immediately, financial institutions must provide daily logs of individual remittance transactions for each Money Transfer Operator (MTO), along with the total daily foreign exchange credited to their Nostro accounts.
This measure is designed to enhance transparency, improve accountability, and strengthen regulatory oversight in the FX and remittance space.
In a statement issued on July 29, 2025, the BoG said the directive aligns with its mandate to preserve the integrity and stability of the FX market and enforce compliance with the Updated Guidelines for Inward Remittance Services.
Institutions that fail to submit accurate and timely reports will face regulatory sanctions. The Central Bank warned it will revoke remittance licenses or terminate partnerships with institutions that do not comply.
“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 the appropriate administrative sanctions,” the BoG cautioned.
The directive comes in response to recurring breaches by some banks and remittance partners, including the use of unapproved channels, unauthorized forex swaps, and unofficial exchange rates.
The BoG further warned that any institution found in violation will be sanctioned, and partnerships with MTOs that fail to comply with approved guidelines will be terminated.
The Bank reminded financial institutions to strictly adhere to key provisions in the Updated Guidelines for Inward Remittance Services. It emphasized that the funding of the Local Settlement Account must comply with Section 7.1(c).
Additionally, all disbursements are required to originate from the Local Settlement Account, in line with Section 7.2(a). The Bank further stated that pre-funding arrangements with the Settlement Bank must conform to Section 7.2(b). The BoG reaffirmed its commitment to safeguarding the country’s foreign exchange regime and said enforcement actions will be intensified to ensure full compliance across the financial sector.
