BoG Hikes Forex Bureau Licence Renewal Fees by 150% to Strengthen Oversight-Ghana

The Bank of Ghana (BoG) has announced a significant increase in the biennial licence renewal fees for foreign exchange bureaux, raising the cost from GH¢800 to GH¢2,000. The 150 percent hike, effective immediately, forms part of the central bank’s broader regulatory reforms aimed at enhancing oversight and promoting long-term sustainability within the country’s forex market.

According to a statement dated October 24, the new fee structure applies to all licensed forex bureau operators nationwide. The BoG emphasized that the adjustment aligns with its goal of ensuring financial institutions operate under a more robust and transparent regulatory framework.

The central bank reminded all foreign exchange bureaux to renew their licences at least two months before expiry, in accordance with Section 10 of the Foreign Exchange Act, 2006 (Act 723) and Paragraph 8 of BoG Notice No. BG/GOV/SEC/2003/2 under the Revised Forex Bureau Regulations. Failure to comply could result in penalties or suspension of operations.

BoG’s latest move highlights its ongoing commitment to tighten supervision across the foreign exchange market, reduce regulatory lapses, and foster greater compliance within the sector. The measure is expected to strengthen confidence in Ghana’s forex market, which plays a vital role in supporting trade and remittance flows.

The decision reflects the central bank’s proactive stance in maintaining financial discipline amid evolving economic dynamics. Stakeholders say the review, though costly for operators, may ultimately help stabilize the forex ecosystem and improve transparency in currency exchange operations across the country.

source: citi newsroom