The Bank of Ghana has banned the usage of unapproved channels for remittance operations, amid other regulatory measures.

According to the Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, the Central Bank is tightening the enforcement of the Foreign Exchange Act and the Guidelines for Inward Remittance Services to enhance compliance in the foreign exchange market.

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Speaking during the opening of the bank's engagement with the CEOs of banks, the governor noted that, "This means there will be no use of unapproved channels for remittance terminations, no FX swaps within remittance operations, no remittance terminations without Bank of Ghana approval, and no application of unprescribed FX rates."

He noted that effective immediately, all banks and payment service providers must submit weekly inward remittance reports detailing transactions and FX credits to Nostro accounts.

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"Failure to do so will attract sanctions under the Payment Systems and Services Act and the Banks and Specialised Deposit-Taking Institutions Act," he stressed.

The governor, however, added that the Ghana Association of Banks will be engaged in a structured discussion on proposals relating to NOP support, FX forward auctions, remittance coordination, and market liquidity, to agree on practical, market-friendly solutions.

The Central Bank, however, noted that the regulatory agenda is forward-leaning, aligning Ghana with the highest international standards.

SSD/EB