The Bank of Ghana (BoG) is set to roll out additional reforms to strengthen transparency and efficiency within the forex market, Governor Dr. Johnson Asiama has disclosed.
According to him, the central bank remains resolute in its commitment to maintaining discipline in the forex system and ensuring full compliance with regulatory guidelines.
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Speaking at the 126th Monetary Policy Committee (MPC) press conference in Accra, he explained that recent sanctions imposed on certain financial institutions followed serious breaches of the inward remittance regulations.
“The infractions committed were varied and significant. One of the major breaches involved the diversion of foreign exchange inflows. Funds such as US dollars and British pounds, sent by members of the diaspora, are supposed to be credited into the nostro accounts of local banks to support the domestic forex market. However, we observed some institutions engaging in ‘offshoring’, redirecting these funds outside the intended framework,” he stated.
Dr. Asiama added that some institutions also applied unapproved exchange rates and failed to meet settlement timelines, all of which violate the Bank of Ghana’s regulatory guidelines.
“These breaches undermine the integrity and efficiency of the foreign exchange market. Compliance is non-negotiable, and where violations occur, sanctions are necessary to restore order and accountability,” he stressed.
He noted that the measures taken so far are yielding positive results, adding that more reforms will soon be introduced to deepen transparency and strengthen oversight of the forex market.
It would be recalled that the Bank of Ghana, on September 18, 2025, suspended the Foreign Exchange Trading Licence of United Bank for Africa (UBA) Ghana for one month, following multiple violations of forex market regulations, including the updated guidelines for inward remittance services.
In a statement issued earlier on September 4, the BoG said UBA Ghana had engaged in unauthorised remittance transactions with Payment Service Providers (PSPs) such as Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., on behalf of Money Transfer Operators (MTOs) including Top Connect, Send App, Taptap Send, Remit Choice, and Afriex.
The statement further directed that all remittance partnerships between UBA Ghana and the listed institutions be suspended until the end of the sanction period.
The central bank has since cautioned all foreign exchange market participants to adhere strictly to existing regulations and operational guidelines.