The Bank of Ghana is cracking down on commercial banks with weak foreign exchange controls, warning that licences could be at risk. Recent checks found “material weaknesses” in how some banks handle foreign currency transfers, increasing risks of fraud and financial crime.
To avoid sanctions, banks must:
- Strengthen internal controls for foreign currency transactions
- Enforce robust verification protocols
- Conduct regular audits and training
- Segregate duties among staff
- Report suspicious transactions
The central bank’s move aims to protect Ghana’s forex market and macroeconomic stability. Non-compliance could lead to sanctions under the Banks and Specialised Deposit-Taking Institutions Act and Foreign Exchange Act.
