The Bank of Ghana (BoG) has issued a public warning about the operations of several Money Transfer Organisations (MTOs) that are conducting business in Ghana’s remittance and foreign exchange markets without the required authorization.

In a statement released on Friday, June 27, the central bank disclosed that it had identified multiple entities operating in violation of existing financial regulations. The BoG cautioned individuals, commercial banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs) to avoid transacting with these unlicensed organisations.

The unauthorised MTOs listed by the BoG include:

1. ACE Money Transfer

2. Remit Union

3. Remit Home

4. Roze Remit

5. Monty Global

6. Nairagram

7. i-Transfer

8. Hurupay

9. Eversend

10. Izi Send

Citing Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), the BoG emphasized that no individual or entity may deal in foreign exchange without a valid license. Additionally, Section 15.3 of the Act mandates that all international money transfers to and from Ghana must be processed through a licensed and authorised service provider.

The central bank reaffirmed its dedication to maintaining the integrity of Ghana’s financial system and urged the public to conduct all foreign exchange and remittance transactions exclusively through licensed institutions.

The full statement from the Bank of Ghana can be found below.

The government failed to hit its treasury bills target for the fourth straight week, according to auction results from the Bank of Ghana. The Treasury raised GH¢3.379 billion, falling short of its GH¢4.551 billion target by approximately 24%, and ultimately accepted GH¢2.952 billion.

Analysts attribute this shortfall to investor preference for Bank of Ghana bills, which offer a lucrative rate of 27% — well above the inflation rate of 18.4%.

Demand was driven mainly by the 91-day treasury bill, with investors submitting GH¢62.418 billion, accounting for 71.55% of total bids. The Treasury accepted GH¢2.191 billion of these.

Meanwhile, the 182-day treasury bill attracted GH¢716.29 million, of which GH¢603.74 million was accepted. The 364-day bill received GH¢236 million in bids, with GH¢157.76 million accepted.

Despite the weak demand, interest rates on the short end of the yield curve continued to inch lower. The 91-day bill yield fell by one basis point to 14.69%, while the 182-day rate held steady at 15.25%. The 364-day yield slipped slightly to 15.69%, down from 15.74% the previous week.

Starting July 14, 2025, all palm oil importers in Ghana must register and obtain a permit before engaging in any importation activity, the Tree Crop Development Authority (TCDA) has announced.

This decisive move, outlined in a statement issued by the Authority, targets imports of Crude Palm Oil (CPO), Crude Palm Olein, and refined Palm Olein (vegetable oil). The new regulation mandates that all actors—including importers, processors, and traders—within the palm oil value chain must comply with the Tree Crops Development Authority Act, 2019 (Act 1010) and Legislative Instrument 2471.

According to the TCDA, the unregulated influx of palm oil has disrupted the local market, undermined smallholder farmers, and led to the circulation of substandard products.

 “This bold step is to strengthen regulation and streamline operations within Ghana’s vital oil palm sector,” the Authority said. “We aim to enforce quality and safety standards, protect local producers from unfair competition, and enhance investor confidence.”

The new licensing process will be handled at the TCDA Head Office in East Legon-Ajiriganor, Accra (GhanaPost GPS: GD-253-5931). Stakeholders can also reach the Authority via 0303 981790 / 0243 946 154 or info@tcda.gov.gh.

Non-compliance will attract sanctions as prescribed by national law, the Authority warned, underscoring its commitment to firm enforcement.

In a further push for transparency and accountability, the TCDA revealed plans to publish a comprehensive list of all registered and licensed palm oil stakeholders.

Ghana’s oil palm industry is a major pillar of the agricultural economy, employing thousands and supporting domestic agro-processing. The new regulatory framework is expected to position the sector for more sustainable and competitive growth.