Bank of Ghana's Policies Bolster Cedi Recovery Amid New Regulations for Money Transfers

The Importers and Exporters Association of Ghana (IEAG) has defended the Bank of Ghana (BoG) against recent criticisms, attributing the cedi's remarkable recovery in 2025 to the central bank's disciplined monetary policies. The cedi appreciated by 40% against the US dollar, a feat linked to improved macroeconomic fundamentals and increased export earnings, according to IEAG Executive Secretary Samson Asaki Awingobit. He criticized what he termed ‘false reportage’ that undermines the BoG's contributions to economic stability, expressing optimism for continued growth in 2026 as long as prudent policies are maintained.

In a related development, the Bank of Ghana has introduced stringent new regulations for International Money Transfer Operators (IMTOs) aimed at enhancing consumer protection and financial integrity. Effective December 2025, these guidelines require a 90-day licensing process for IMTOs, restricting them to inward, person-to-person remittances, and prohibiting outbound transfers and lending activities. Operators must conduct transactions in Ghana cedis and adhere to strict data collection and reporting standards, with a three-month transition period to comply.

As the new year begins, the cedi opened trading on January 5, 2026, at an average rate of GH¢10.5053 to the US dollar, reflecting a slight increase from GH¢10.45 earlier in the week. The Bank of Ghana reported a buying rate of GH¢10.4948 and a selling rate of GH¢10.5053, while forex bureaus showed wider margins, with the dollar being bought at GH¢11.90 and sold at GH¢12.35. The central bank is expected to intervene in the market to manage volatility as it prepares for upcoming monetary policy decisions and anticipates external inflows.