Collins Sefa The Bank of Ghana (BoG) has introduced fresh regulations aimed at driving efficiency in the remittance sector and reinforcing the country’s 24-hour economy agenda.
Under the Updated Guidelines for Inward Remittance Services, funds sent from abroad must now be credited to beneficiaries within 24 hours — a move designed to accelerate financial flows, boost consumer confidence, and promote transparency in foreign exchange conversions.
For the first time, settlement banks will be required to convert remittances using the average Bloomberg US$/GH¢ bid–ask range, rather than relying on the single opening bid rate. This ensures a fairer, market-driven exchange rate and reduces disputes over conversion practices.
“Settlement banks must credit the Ghana cedi equivalent of inward remittances to beneficiaries’ accounts within twenty-four (24) hours,” the directive emphasized.
Speed and Transparency for a 24-Hour Economy
The reforms mean beneficiaries will no longer face long waits for their funds. Instead, families and businesses depending on remittances will have quicker access to money for rent, education, healthcare, and trade activities.
By enforcing same-day settlement and transparent exchange rates, the central bank is aligning remittance services with its broader goal of a round-the-clock economy, where financial transactions remain fast, reliable, and trustworthy.
What This Means for Providers
The new rules impose stricter obligations on Settlement Banks, Enhanced Payment Service Providers (EPSPs), and Dedicated Electronic Money Issuers (DEMIs), including:
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Mandatory reconciliation of funds within 72 hours.
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Settlement accounts must remain separate and used strictly for paying beneficiaries.
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Compliance with AML/CTF regulations on all inflows and outflows.
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Mandatory reporting of violations to the BoG.
These measures are expected to tighten oversight while boosting trust in mobile money and digital channels that are vital for the 24-hour economy.
The Economic Backdrop
Remittances continue to be a cornerstone of Ghana’s economy. In 2024, inflows reached US$6.65 billion, nearly four times higher than Foreign Direct Investment (FDI) and equivalent to 6% of GDP.
This steady growth highlights the importance of remittances not only for households but also for economic stability and business liquidity. Faster settlement ensures that funds circulate quickly through the economy, supporting consumption, small businesses, and the wider financial system.
A Step Toward Global Standards
The BoG’s updated framework mirrors international efforts to tighten regulation of cross-border payments. Locally, it forms part of a wider package of reforms, including rules on dormant Money Transfer Operator (MTO) partnerships, stricter vendor account reporting, and enhanced transparency obligations.
By pushing for faster payouts and transparent pricing, the central bank is sending a clear message: in Ghana’s 24-hour economy, remittance funds must move swiftly and securely to beneficiaries without unnecessary delays or hidden practices.
