Sunday, February 15

Tag: BoG

BoG authorises FX brokers and cross-border providers for 2026  
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BoG authorises FX brokers and cross-border providers for 2026  

The Bank of Ghana has authorised 12 foreign exchange brokers and three cross-border payment providers to operate in the Ghana Interbank FX market in 2026.   The authorisation is in line with Section 3.13.1 of the Ghana Interbank Forex Market Conduct Rules, which requires local and international FX brokers to obtain annual approval to operate in the market.   The newly authorised FX brokers are IC Securities, SIC Brokers, Serengeti Limited, Sarpong Capital, Terika Financial Services Limited, Savvy Africa, GFX Brokers, Regulus, MB&CO Capital Limited, ICAP, Obsidian Achernar and TAW Impact Capital.   Crown Agents Bank, CSL Capital and StoneX Financial Limited have also been authorised to operate as cr...
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BoG exempts informal cross-border traders from LOC requirement   
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BoG exempts informal cross-border traders from LOC requirement   

The Bank of Ghana has exempted informal cross-border traders from the requirement to obtain a Letter of Commitment (LOC).    In a public notice, the Bank outlined guidelines on the use of the LOC for exports, stating that traders engaged in informal cross-border transactions are not required to secure the document.    The guidelines indicated that the LOC, generated through the Integrated Customs Management System (ICUMS), is mandatory only for formal exporters who receive foreign exchange proceeds, are resident in Ghana, are licensed by relevant government agencies, and hold a valid Tax Identification Number.    It explained that traders conducting business with buyers from neighbouring countries such as Côte d’Ivoire, T...
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Payment systems interoperability promotes efficiency, improved access to financial services-BOG  
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Payment systems interoperability promotes efficiency, improved access to financial services-BOG  

Dr Zakari Mumuni, First Deputy Governor, Bank of Ghana, says empirical research and lived experience have proven that payment systems interoperability promotes efficiency, convenience and improved access to financial services.   He said, however, alongside these gains were a set of concerns that called for collective attention.   Dr Mumuni was speaking at the stakeholder workshop on the draft National Payment Systems Strategy (2025–2029).   He said the emergence of dominant digital platforms raised important questions about market competition, inclusiveness, financial stability, and resilience of payment systems.   The First Deputy Governor said over the past five years, under the National Payment Systems Strategy (2019–2024), Ghana had made remarkable progress i...
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BoG pledges to empower media to tackle mis/disinformation in digital economy
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BoG pledges to empower media to tackle mis/disinformation in digital economy

The Bank of Ghana (BoG) has ended a two-day training workshop for selected media practitioners, with a pledge to empower the media to tackle the growing misinformation and disinformation in the digital space. Mr Bernard Ato Otabil, the Director of Communications of the BoG who gave the pledge noted that misinformation and disinformation threatened the digital economy, hence the need to enlighten the media about emerging financial and economic issues to deepen their understanding. The workshop held in Sunyani, was attended by media practitioners drawn from the Bono, Bono East and Ahafo Regions and among other objectives sought to sharpen their skills, build their capacities to better understand and report accurately on the economy. Mr Otabil explained that training was in line with...
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Bank of Ghana Suspends UBA Ghana’s Forex Trading Licence Over Regulatory Breaches
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Bank of Ghana Suspends UBA Ghana’s Forex Trading Licence Over Regulatory Breaches

The Bank of Ghana has suspended the Foreign Exchange Trading Licence of United Bank for Africa (UBA) Ghana, effective September 18, 2025, for a period of one month. The decision, taken in accordance with section 11(2) of the Foreign Exchange Act, 2006 (Act 723), follows multiple breaches of the country’s foreign exchange market regulations. According to the central bank, UBA Ghana engaged in unauthorised remittance activities with three Payment Service Providers (PSPs) – Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc. – on behalf of Money Transfer Operators (MTOs), namely Top Connect, Send App, Taptap Send, Remit Choice, and Afriex. The Bank of Ghana noted that these actions contravened the Updated Guidelines for Inward Remittance Services by Payment...
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BoG Suspends Remittance Partnerships of Five Money Transfer Operators
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BoG Suspends Remittance Partnerships of Five Money Transfer Operators

The Bank of Ghana (BoG) has announced the suspension of remittance partnerships involving five major Money Transfer Operators (MTOs), effective September 18, 2025. The affected operators are Taptap Send, Top Connect, Remit Choice, Send App, and Afriex. According to the central bank, the suspension, which will last for one month, follows various breaches of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by Bank of Ghana Notice No. BG/GOV/SEC/2025/25. Investigations by the BoG revealed that the MTOs conducted unauthorised remittance activities with Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., through their settlement bank, UBA Ghana. The regulator stressed that the affected operators will only b...
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Bank of Ghana Bans Unbacked Foreign Currency Cash Payments to Large Corporates
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Bank of Ghana Bans Unbacked Foreign Currency Cash Payments to Large Corporates

The Bank of Ghana (BoG) has directed all banks to immediately discontinue the practice of making foreign currency (FCY) cash payments to large corporates that are not backed by equivalent FCY cash deposits. In a statement signed by Aimee V. Quashie, on behalf of the Secretary, the central bank said it had observed a growing trend where institutions such as Bulk Oil Distribution Companies, mining firms, and other large corporates were withdrawing foreign currency cash without prior deposits. According to the BoG, this practice puts avoidable pressure on the foreign exchange market and undermines ongoing efforts to stabilize the cedi. “Accordingly, with immediate effect, all banks are directed to discontinue the payment of FCY cash to Large Corporates unless such transactions are fu...
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BoG develops comprehensive framework to guide Non-Interest Banking, Finance sector-Prof Gartchie  
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BoG develops comprehensive framework to guide Non-Interest Banking, Finance sector-Prof Gartchie  

The Bank of Ghana (BoG) is developing a comprehensive framework to guide the sector, as the central bank upscales measures for the introduction of Non-Interest Banking and Finance (NIBF) in country, Professor John Gartchie Gatsi, Advisor, BoG said at the weekend.The NIBF operates in accordance with Islamic law (shariah) which prohibits excessive uncertainty and investments in industries like alcohol, gambling, and pork-related businesses.Prof Gatsi said the BoG was undertaking extensive engagements with stakeholders, including academic institutions, including the Securities Exchange Commission and other professional bodies, and to shape the formulation of the framework.Additionally, the central bank had also held engagements with Nigeria banks and capital market players, saying “our target...
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Bank of Ghana boosts regional media capacity on monetary policy  
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Bank of Ghana boosts regional media capacity on monetary policy  

The Bank of Ghana (BoG) has conducted an intensive media capacity-building workshop for journalists in Eastern Region to enhance their financial reporting competencies and deepen understanding of Ghana’s monetary policy framework and decision-making processes.   The initiative, which ran from June 25 to 28, was part of a broader national media engagement strategy of the Central Bank to promote accurate economic reporting, curb misinformation and disinformation, and enhance public understanding of monetary policy decisions.  Addressing participants during the opening session, Mr. Bernard Ato Otabil, Director of Communications, Bank of Ghana, underscored the fundamental role of the media in shaping national discourse on financial and macroeconomic issues.   “The Bank’...
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BoG Governor lauds Collateral Registry for Deepening Financial Inclusion
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BoG Governor lauds Collateral Registry for Deepening Financial Inclusion

Dr Johnson Asiama, Governor of the Bank of Ghana, has lauded the contributions of the Collateral Registry to the expansion of the frontiers of financial inclusion. In an address read on his behalf by Dr Zakari Mumuni, the First Deputy Governor at the 15th anniversary Celebration of the Collateral Registry Department, Dr Asiama said beyond supporting formal banking processes, the Registry had improved access to credit for micro, small and medium-sized enterprises. He said such enterprises, which often lacked traditional forms of collateral, could now use mobile access like stock receivables and tools of trade to secure credit. "This is a significant step towards democratizing finance in Ghana. And by unlocking access to credit for the underserved groups, the registry has contribute...
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