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.

Telecel Ghana has acknowledged a GH¢2 million lawsuit filed by Makola Market trader, Faustina Djagbele Abbey, over the alleged unauthorized use of her image in its “Telecel Red Save” campaign.

In a statement issued on Wednesday, the company said it is “aware of media reports” about the claim and is “reviewing the details” to establish the facts. The lawsuit, filed on May 23, 2025, at the High Court, accuses Telecel of using Abbey’s photo across billboards, social media, and traditional advertisements for its digital savings product without her consent. The claim cites Ghana’s Data Protection Act, 2012 (Act 843), as grounds for the suit.

Telecel assured the public it takes privacy, image consent, and intellectual property seriously, stating: “We are currently reviewing the details of this claim to establish the facts. We wish to assure the public that we take matters of privacy, imagery consent and intellectual property seriously.”

Abbey’s lawyers argue the campaign caused their client significant personal distress, with friends and relatives mistaking her for a brand ambassador or suggesting she had financial ties with the telecom giant.

With a market share of 17.2 per cent, Telecel is one of Ghana’s largest telecommunications firms. The case has sparked a wider conversation about digital privacy and image rights within corporate marketing.

The company concluded its statement by thanking the public for its understanding as it works through the matter.