The Minister of Energy and Green Transition, John Jinapor, has commended the management of the Bulk Oil Storage and Transportation Company Limited (BOST) for its pivotal role in enhancing operational efficiency and advancing Ghana’s energy transformation agenda.

Speaking during the Government Accountability Series, the Minister highlighted key achievements within the sector over the past seven months, citing notable improvements at BOST and other institutional milestones.

“I’m beginning to see positive trends at BOST, and we are already working to ensure that we extend a pipeline from Ghana to Burkina Faso. This will position Ghana as a central hub for petroleum product distribution to our northern neighbour,” Mr. Jinapor announced.

He lauded BOST’s Managing Director, Afetsi Awoonor, and his deputy for their strategic leadership and dedication to operational excellence.

“BOST is actively improving our strategic reserves, and I must commend the managing director and his team for demonstrating strong leadership and technical competence,” he added.

Founded in 1993, BOST plays a critical role in Ghana’s oil storage and distribution landscape and is essential to national energy security and regional fuel logistics.

Reflecting on sector-wide progress, Mr. Jinapor expressed optimism about Ghana’s energy trajectory, citing three key areas of achievement:

1. Power Supply Stabilisation:

“We have worked tirelessly to ensure a consistent and reliable energy supply across the country. This milestone is essential for national productivity and public confidence.”

2. Strengthened Petroleum Reserves:

“Recent efforts have led to an increase in Ghana’s petroleum reserves, with visible results. Our commitment to expanding these reserves remains firm.”

3. Reforms for Transparency and Accountability:

“We have launched a robust initiative to sanitise the energy sector, address corruption, and enhance transparency in our operations.”

The Minister concluded by calling for sustained collaboration across the industry to build on current momentum and secure a more resilient energy future.

“I am confident that with continued stakeholder support, we can build on these successes and shape a brighter future for Ghana’s energy sector,” he stated.

The Bank of Ghana (BoG) has issued a stern warning to financial institutions and money transfer operators over persistent breaches of the country’s foreign exchange laws and remittance guidelines.

In a public notice dated July 29, 2025, the central bank said it has observed ongoing non-compliance with the Foreign Exchange Act, 2006 (Act 723), as well as the Updated Guidelines for Inward Remittance Services, despite repeated warnings.

Among the violations identified are the termination of inward remittances through unapproved channels, unauthorised foreign exchange swaps related to remittance operations, processing remittances for unapproved institutions, and the use of unprescribed foreign exchange rates.

“The Bank will impose sanctions on any institution found culpable and terminate the remittance partnerships of all money transfer operators whose activities are inconsistent with the approved guidelines,” the statement cautioned.

The BoG also emphasized the need for strict adherence to existing protocols, including the funding of local settlement accounts in line with Section 7.1 (c) of the guidelines, and disbursing all funds through these accounts as required under Section 7.2 (a). DEMIs and Enhanced Payment Service Providers (EPSPs) must ensure that their pre-funding arrangements with settlement banks comply with Section 7.2 (b).

To strengthen transparency and oversight, the Bank has mandated that all banks, DEMIs, and EPSPs submit weekly reports on each MTO. These reports must include a daily breakdown of all inward remittance transactions and details of the foreign exchange credited to their Nostro accounts.

The BoG stressed that failure to submit accurate and timely reports constitutes a regulatory infraction under Section 42 of the Payment Systems and Services Act (Act 987) and Section 93(3)(d) of the Banks and Specialised Deposit-Taking Institutions Act (Act 930), and will attract appropriate administrative penalties.

This directive signals a renewed push by the central bank to tighten regulatory oversight in the remittance and foreign exchange sectors, as part of broader efforts to ensure forex market stability and enhance economic recovery.

Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has affirmed that he is under no pressure to unilaterally reinstate the licences of banks whose operations were terminated during the country’s banking sector cleanup.

Addressing journalists at the 125th Monetary Policy Committee (MPC) press conference held in Accra on Wednesday, July 30, Dr. Asiama responded to a question from Citi Business News’ Nerteley Nettey Adjaho, stressing that any potential reinstatement must adhere strictly to legal and institutional protocols.

“Not at all,” Dr. Asiama stated in response to whether he felt pressured to restore licences. He emphasized that such decisions fall beyond the discretion of the Governor and must be guided by legal rulings and the approval of the Bank’s Board of Directors.

“Remember, the resolution framework is still in effect. When I assumed office, substantial progress had already been made. Some of the cases are currently in court, while others are going through settlement procedures. The process is ongoing, and we are committed to following it accordingly,” he noted.

Dr. Asiama further elaborated on the steps required for any potential reinstatement:

“If, for instance, a court issues a directive, the Board of the Bank of Ghana would review and act accordingly. However, from my position as Governor, there is absolutely no pressure to restore any licence unilaterally.”

This clarification comes in the wake of a political promise made by former President John Dramani Mahama during the 2024 general election campaign. In his acceptance speech at the University of Development Studies on May 15, 2024, after securing the National Democratic Congress (NDC) presidential nomination, Mr. Mahama pledged to enhance local participation across key sectors including banking, telecommunications, tourism, mining, agriculture, and manufacturing as part of efforts to grow the economy and create sustainable jobs for the youth.

The banking sector cleanup, launched in 2017, was aimed at sanitizing and stabilizing Ghana’s financial system. As part of the reform, the central bank raised the minimum paid-up capital requirement for commercial banks from GHS120 million to GHS400 million. This regulatory adjustment led to the collapse or consolidation of several financial institutions that failed to meet the new capital threshold.

In total, the Bank of Ghana revoked the licences of nine local banks, 23 savings and loans companies, 347 microfinance institutions, 39 finance houses, and 53 fund management firms.

Among the collapsed banks were UniBank, The Sovereign Bank, The Beige Bank, Premium Bank, The Royal Bank, Heritage Bank, Construction Bank, UT Bank, and Capital Bank.

While the central bank defended the move as essential to restoring confidence and resilience in the financial sector, critics argued that several of the affected institutions could have been restructured or supported to preserve jobs and maintain indigenous ownership within the sector.