Bank of Ghana Enforces Stricter Rules on Remittances Amid Compliance Issues
Accra: The Bank of Ghana (BoG) has announced the implementation of more stringent measures targeting Banks, Dedicated Electronic Money Issuers (DEMIs), Enhanced Payment Service Providers (EPSPs), and Money Transfer Operators (MTOs) in an effort to combat non-compliance with inward remittance guidelines. According to Ghana News Agency, the central bank’s decision follows persistent violations of the Foreign Exchange Act, 2006, and the Updated Guidelines for Inward Remittance Services by Payment Service Providers, despite previous warnings. The issues identified include the termination of inward remittances through unapproved channels and engagement in Foreign Exchange Swaps within the context of Inward Remittance Business. Additionally,
