As Ghana’s local currency - the cedi - faces renewed pressure, banking consultant, Dr Richmond Atuahene, has defended the Bank of Ghana’s (BoG) recent regulatory actions in the foreign exchange and remittance markets.

According to Dr Atuahene, the Central Bank’s measures are not driven by panic but represent a calculated effort to safeguard economic stability.

In an interview with Citi News, he noted that remittance inflows are crucial to stabilizing the cedi and that the BoG’s sanctions against non-compliant operators are justified.

“It is not a panic reaction. Last year when they [BoG] suspended CBG [Consolidated Bank Ghana] and TapTap Send, it wasn’t a panic reaction. At that time a dollar was about GH¢17 or GH¢16 but today they have managed to manage it and we are talking about GH¢12 [to a dollar] and people think it is a panic. No. Every country especially in developing world or the emerging economies where remittances play a key part of their balance of payment, it is not [panicking]," he said.

BoG suspends UBA's foreign exchange trading licence

On Friday, September 5, 2025, the Bank of Ghana announced the suspension of the Foreign Exchange Trading Licence of United Bank for Africa (UBA Ghana) for one month, effective Thursday, September 18, 2025.

The Central Bank cited multiple violations of foreign exchange market regulations by UBA Ghana. It revealed that the bank had engaged in unauthorised remittance activities with Payment Service Providers (PSPs) including Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., acting on behalf of Money Transfer Operators (MTOs) such as Top Connect, Send App, TapTap Send, Remit Choice, and Afriex.

The BoG has since issued a strong warning to all foreign exchange market participants, urging strict adherence to applicable regulations and guidelines to avoid further sanctions.

SA/MA

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