For millions of Ghanaians living abroad, sending money home has long been a lifeline for families and a cornerstone of the national economy.
But starting this year, the process is undergoing its most significant transformation in a generation.
On Jan. 2, the Bank of Ghana issued sweeping new guidelines for International Money Transfer Operators (IMTOs).
The rules, which take effect immediately for new applicants and set a strict compliance timeline for existing players, represent a major effort by the central bank to bring the country’s massive informal remittance market into the light.
Here is what you need to know about the new regulations and how they may affect you.
What is Changing?
The new policy creates a rigorous licensing framework for any company moving money into Ghana. Most notably, the Bank of Ghana is mandating that all inward remittances be paid to beneficiaries in Ghana Cedis only, unless otherwise authorized for specific accounts.
The central bank is also requiring all IMTOs—from global giants like Western Union to digital-first apps—to partner with local “Settlement Banks” or licensed Payment Service Providers.
These local partners will now be legally responsible for ensuring that every dollar sent from abroad is accounted for in real-time.
Why is the Government Doing This Now?
The primary goal is stability. Ghana has struggled with currency volatility, and the “black market” for foreign exchange has often undermined the official value of the cedi.
By forcing remittances through official channels and into the local currency at the point of entry, the Bank of Ghana hopes to:
- Increase Foreign Reserves: Ensure the U.S. dollars and Euros sent home actually end up in the central bank’s ecosystem.
- Combat Financial Crime: The new rules include strict Anti-Money Laundering (AML) and “Know Your Customer” (KYC) requirements to prevent the flow of illicit funds.
- Modernize Payments: The guidelines encourage the use of mobile wallets and bank accounts over cash pickups.
I Send Money to Ghana. How will This Affect Me?
For the sender in London, New York, or Lagos, the interface of your favorite app might look the same, but the background checks may get more rigorous.
You may be asked for more detailed information about your recipient, including their digital address or specific identification.
For the recipient in Ghana, the biggest change is the “Cedi-only” rule. While many people prefer to hold U.S. dollars as a hedge against inflation, those funds will now be automatically converted at the prevailing interbank rate (or the rate offered by the provider) before they hit a mobile wallet or are handed over at a counter.
What Does This Mean for Fintech Companies?
The era of “move fast and break things” in Ghana’s remittance space is effectively over.
In late 2025, the Bank of Ghana signaled its seriousness by temporarily suspending several high-profile fintechs for operating without proper authorization or using unapproved “swap” arrangements.
Under the new 2026 guidelines, companies must maintain a security deposit and provide the central bank with a “remittance-specific API” that allows the government to see transactions as they happen.
Is this good for the economy?
The Bank of Ghana argues that formalizing remittances—which totaled over $2.4 billion in 2023—is essential for national security and currency stability.
However, some argue that if the official exchange rate offered by banks lags too far behind the market rate, senders may look for even deeper, unregulated “underground” ways to get money to their families.
For now, the Bank of Ghana is betting that a more transparent, digital-first system will ultimately make sending money safer and more reliable for the millions of people who depend on it.
This article was edited with AI and reviewed by human editors
