Financial institution licenses that violate the Foreign Exchange Act will be revoked by the BoG.

Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.

The Bank of Ghana (BoG) has again cautioned that it will terminate the remittance licenses of any financial institution that breaks the Foreign Exchange Act.

The Central Bank, in a statement issued on July 29, 2025 revealed that it is aware that some financial institutions are still violating the act.

According to the Bank of Ghana, the violations include termination of inward remittances using unapproved channels, engagement in Foreign Exchange Swaps in the context of Inward Remittance Business, termination of remittances on behalf of institutions without prior approval from the Bank of Ghana, and applications of unprescribed Forex Exchange rates.

Source: newsthemegh.com