The International Monetary Fund (IMF) has endorsed measures by the Bank of Ghana to enforce strict forex regulations and guidelines.
According to the Director of Communication at the IMF, Julie Kozack, these measures are necessary to ensure compliance in the market.
Speaking during a press conference on September 11, 2025, in the USA, she noted that these actions have become essential to “broaden financial integrity compliance with anti-money laundering rules and broader transparency in the FX [forex] market.”
She noted that they “are intended to reinforce the role of the cedi as the sole legal tender in the country.”
Cedi weakens further, hits GH¢12.15 against the dollar
The Bank of Ghana issued several notices in August to reiterate guidelines and regulations in the forex market.
This included guidelines on remittances, over-the-counter withdrawals by companies that don’t operate deposit accounts, as well as pricing in foreign currencies in Ghana.
These, it said, were in line with global anti-money laundering standards.
Kozack noted that; “They are meant to tighten controls on foreign currency transactions and to promote formal channels for the provision of remittances and trade.”
The Bank of Ghana said travellers carrying more than $10,000 (or its equivalent in other foreign currencies and monetary instruments) without declaration are prohibited.
It also noted that unlicensed foreign exchange dealings, black market transactions, pricing or advertising in foreign currencies, issuing receipts, or making and receiving payments in dollars within Ghana are strictly prohibited under the Foreign Exchange Act, 2006 (Act 723).
On the back of this, the Governor of the Bank of Ghana, Dr Johnson Asiama, said the directives were just enforcements of existing regulations.
“These are not new issues, but the difference now is that we are closing the gaps, tightening oversight, and enforcing discipline,” Dr Asiama was quoted by myjoyonline.com to have said.
SSD/AE
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