IMF backs Bank of Ghana’s tough stance on forex rules

The International Monetary Fund (IMF) has thrown its weight behind the Bank of Ghana’s intensified enforcement of foreign exchange regulations, describing the measures as vital for financial discipline and transparency.

IMF Communications Director Julie Kozack, addressing journalists in Washington on September 11, 2025, said the measures are designed to protect the cedi’s primacy as legal tender and to safeguard the integrity of the financial system.

According to her, the directives will ensure tighter supervision of foreign currency flows, while encouraging the use of formal platforms for trade and remittance services.

In recent months, the Bank of Ghana has rolled out stricter compliance checks, particularly in areas such as over-the-counter corporate withdrawals, foreign currency pricing, and unlicensed remittance services.

On August 27, 2025, the central bank revised rules covering the import and export of foreign currency, aligning them with international anti-money laundering frameworks. Travelers were also reminded that amounts above $10,000, or its equivalent, must be declared before leaving or entering Ghana.

The regulator has further cautioned against black market dealings, issuing receipts in dollars, and other unauthorized foreign exchange activities outlawed under the Foreign Exchange Act, 2006 (Act 723).
Governor Dr. Johnson Asiamah explained in an interview that the move signals a decisive push to seal regulatory loopholes.

“These rules are not new. What has changed is our determination to tighten oversight and instill compliance across the market,” he said.

However, the World Bank and IFC estimate a global SME financing gap of $8 trillion.

Dr. Asiama also cited new rules targeting large cash withdrawals and over-the-counter deals.

“Our updated guidelines are shifting flows into formal channels. This protects the market’s integrity and ensures FX is available for genuine trade and productive uses,” he explained.

As of early September 2025, 1 U.S. dollar trades for about GH¢12.20. That marks a slide from value levels earlier in the year.

Business and Foreign Exchange market analysts warn that the cedi may weaken further due to persistent strong demand for foreign currency by corporates, limited supply in the FX market, and low levels of intervention by the Bank of Ghana.