BoG declares FX compliance “non-negotiable” as it moves to tighten rules
The Bank of Ghana (BoG) has issued a strong warning to banks over compliance with foreign exchange regulations, insisting that adherence to its FX requirements remains “non-negotiable.” Governor Dr Johnson Asiama said the central bank is consolidating various operational notices and guidelines issued under the Foreign Exchange Act into a comprehensive compendium. The move is […]
The Bank of Ghana (BoG) has issued a stern warning to financial institutions about their adherence to foreign exchange regulations, emphasizing that such compliance remains "non-negotiable." Governor Dr. Johnson Asiama disclosed that the central bank is compiling all relevant operational notices and guidelines under the Foreign Exchange Act into a single, comprehensive document. This initiative aims to clarify the rules governing foreign currency accounts, international transfers, and trade payments.
During a meeting with bank executives, Dr. Asiama stressed that banks must maintain accurate records and robust internal controls when handling foreign exchange transactions. He also reiterated the importance of using funds obtained for specific purposes solely for those intended uses. "Allow me to reiterate that compliance with our foreign exchange requirements is absolutely non-negotiable," Dr. Asiama emphasized, reiterating the warning.
The Bank of Ghana intends the consolidated guidelines to offer clearer instructions for banks and enhance overall compliance within the foreign exchange market.
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