BoG Forex Rules: IMF Backs Ghana's Strict Measures - NewsRpt.com
IMF Support for BoG's Forex Measures
The International Monetary Fund (IMF) dey support Bank of Ghana (BoG) ein strict enforcement of foreign exchange regulations. According to IMF, dis be necessary to make sure financial integrity dey comply with anti-money laundering rules and dey promote transparency for the FX market.
Julie Kozack, the Director of Communications at the IMF, talk say these directives dey aim to reinforce the cedi as the only legal tender for Ghana. She add say dem dey tighten controls on foreign currency transactions and dey encourage formal channels for remittances and trade.
BoG Dey Enforce Forex Guidelines
For the past months, BoG dey enforce ein FX guidelines strictly. Dis dey include guidelines on remittances, over-the-counter withdrawals by companies wey no dey operate deposit accounts, and pricing in foreign currency for Ghana.
On August 27, 2025, BoG announce changes to ein guidelines on importing and exporting foreign currency. Dem emphasize say the directive dey align with global anti-money laundering standards. BoG dey remind travelers say carrying more than $10,000 (or the equivalent in other foreign currencies) without declaration be illegal.
Key Forex Regulations
- Strict enforcement of FX guidelines on remittances.
- Controls on over-the-counter withdrawals.
- Regulations on pricing goods and services in foreign currency.
- Declaration requirements for carrying large sums of foreign currency.
BoG dey warn against unlicensed forex dealings and black market activities. Make sure say you dey follow the rules so you no go get problem.