All financial institutions including commercial banks in the remittance space are from today August 4 2025, expected to start complying with a new reporting requirement as directed by the Bank of Ghana.
This was captured in a letter to the Dedicated Electronic Money Issuers (DEMIs) and Enhanced Service Providers (EPSPs) on July 31 2025, sighted by Joy Business.
The DEMIs and EPSPs and Money Transfer Operators are now expected to send to the Bank of Ghana an update on all their daily transactions in a weekly report.
This will cover daily transactions from Monday to Sunday of the preceding week.
They are required to do this before noon every Monday.
The directive will ensure that all these financial institutions give details on their weekly reports per transfers, detailing daily individual inward remittance transactions log, along with the corresponding daily sum of foreign exchange credited into respective Nostro accounts.
The Bank of Ghana has indicated it will move quickly to sanction any of these institutions that fail to comply with these new reporting guidelines, adding that “failure to submit accurate and timely reports constitutes a regulatory breach under Section 42 of the Payment Systems and Services Act (Act 987) and Section 93(3) (d) of Act 930 and will attract the appropriate administrative sanctions”.
Why this Action?
The Bank of Ghana in a notice published on July 29, 2025, noted, it has been forced to take this action because some some Banks, Dedicated Electronic Money Issuers (DEMIs), Enhanced Payment Service Providers (EPSPs) and Money Transfer Operators (MTOs) continue to violate the Foreign Exchange Act, 2006 and the Updated Guidelines for Inward Remittance Services by Payment Service Providers despite several cautions and reminders.
These violations, according to the Bank of Ghana include Termination of inward remittances using unapproved channels;
Also, the engagement in Foreign Exchange Swaps in the context of Inward Remittance Business.
The rest are termination of remittances on behalf of institutions without prior approval from the Bank of Ghana; and Applications of unprescribed Forex Exchange rates.
BoG Governor on New Reporting requirements
Speaking at the recent Monetary Policy Committee Press Conference, the Governor of the Bank of Ghana Dr. Johnson Asiama said the move should help improve remittance inflows and Foreign Exchange supply as well.
“We have seen that some inflows have reduced since April this year especially remittance, and we are investigating that as regulator “The Governor revealed.
He added that “we want to effectively monitor these flows to ensure they accrue to the system”
The Bank of Ghana Governor was of the view that this should also help in dealing with recent pressures on the local currency, adding that “we want to ensure that all our foreign exchange gotten abroad are brought into the country”.
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