Bank of Ghana Warns Banks on Forex Trading Licence Compliance Amid Fraud Risks

The Bank of Ghana has issued a critical warning to commercial banks regarding the renewal of their foreign exchange trading licences, emphasizing that compliance with regulatory standards is now mandatory. This directive comes in response to significant weaknesses identified in the banks' handling of foreign currency transfers, which have raised concerns about operational integrity and increased risks of fraud.

In a public notice dated January 12, 2026, the central bank outlined several new requirements for banks, including the implementation of robust verification protocols, enhanced anti-money laundering (AML) and counter-financing of terrorism (CFT) checks, and mandatory daily reconciliations of transactions. Additionally, banks are required to conduct internal audits and ensure continuous training for their staff to uphold operational integrity.

The Bank of Ghana has made it clear that non-compliance with these directives could lead to sanctions under existing financial regulations, reinforcing its commitment to maintaining the stability and credibility of Ghana's foreign exchange market. This move aims to safeguard the banking sector against potential fraud and to enhance the overall regulatory framework governing foreign exchange transactions in the country.