BoG rolls out tougher anti-money laundering and terrorism financing measures

The Bank of Ghana (BoG) has rolled out new Anti-Money Laundering, Countering the Financing of Terrorism, and Proliferation Financing (AML/CFT/PF) Guidelines aimed at tightening oversight and ensuring stronger compliance across the financial sector.

The move, according to the central bank, forms part of ongoing efforts to fortify Ghana’s financial system against illicit financial flows and align the country’s practices with international standard

The revised September 2025 guideline published by the Central Bank introduces enhanced due diligence procedures for banks, specialized deposit-taking institutions, and other regulated financial entities.

Institutions are now required to identify and verify the identities of their customers more rigorously, assess risk exposure, and report suspicious transactions promptly to the Financial Intelligence Centre (FIC).

It also places greater accountability on boards and senior management to oversee compliance frameworks and ensure continuous staff training on anti-money laundering practices.

The BoG emphasizes that the guideline seeks to deepen risk-based supervision and prevent financial institutions from being used as conduits for money laundering, terrorism financing, or proliferation-related activities.

It also incorporates new provisions on politically exposed persons, beneficial ownership transparency, and the use of technology in monitoring financial transactions.

By strengthening Ghana’s AML/CFT regime, the Bank of Ghana hopes to enhance financial stability, investor confidence, and the country’s global reputation as a safe and transparent financial hub.

The central bank says the new guideline aligns with the Financial Action Task Force (FATF) recommendations and supports national efforts to meet international compliance benchmarks, particularly ahead of upcoming peer evaluations.

The Bank has urged all financial institutions to familiarize themselves with the new framework and ensure full compliance, warning that non-adherence will attract regulatory sanctions.

Comments

UK-Ghana Trade & Investment Summit: Trade Resource Centre to help businesses maximise UK-Ghana trade opportunities

In a significant boost to UK-Ghana trade and investment relations, the UK-Ghana Chamber of Commerce (UKGCC), in partnership with the UK-Ghana Jobs and Economic Transformation (JET) Programme, has launched the UK-Ghana Trade Resource Centre, a practical market-access platform designed to help businesses identify opportunities, navigate export requirements and build commercial partnerships between Ghana and the United Kingdom. The UK and Ghana enjoy strong trade relations, with total bilateral trade reaching approximately £1.6 billion in the year to Q1 2026. Yet, despite this progress, significant untapped opportunities remain for businesses in both countries. The Trade Resource Centre has been established to help bridge information gaps, connect businesses with the right partners, and support firms to take greater advantage of opportunities under the UK-Ghana Trade Partnership Agreement. The launch formed one of the major outcomes of the UK-Ghana Trade & Investment Summit 2026,...

Ghana Home Loans

With interest rates declining, a more liquid environment and a macroeconomic stability, mortgage financing is expected to see an ease of credit. And Ghana Home Loans being a leader in this industry is expected to lead the way. Ghana Home Loans (GHL), a leader in home mortgage, continues to be the frontier in fulfilling dreams of many Ghanaians in homeownership. Since starting business in 2006, it has also provided many existing homeowners with Equity Release mortgages to support their businesses, pay educational fees, improve their properties, or simply pursue other personal hobbies and interests. Ghana Home Loans is a mortgage finance institution which operates under Bank of Ghana’s supervision as a non-bank financial institution. At present, the Company remains the only such institution that focuses exclusively on the provision of mortgage product. Through the Home Completion mortgage and Home Construction mortgage products, Ghana Home Loans has enabled many qualified applican...

NESCAFÉ Launches Real Vibes Text & Win Promo to Reward Coffee Consumers Across Ghana

NESCAFÉ has launched the Real Vibes Text & Win Promo, an exciting consumer promotion designed to reward loyal coffee lovers and bring the brand’s My Coffee, My Vibe experience even closer to consumers across the country. Running from September to December, the promotion gives consumers the opportunity to enjoy their favourite NESCAFÉ coffee while standing a chance to win exciting prizes, including phones, motorcycles, airtime and the ultimate grand prize—an electric SUV. Speaking at the launch, Lily Ntim, Category Development Manager for NESCAFÉ, said the promotion reflects NESCAFÉ’s commitment to creating, rewarding and memorable experiences for consumers. “Today, we are excited to introduce the NESCAFÉ Real Vibes Text & Win Promo, a campaign designed to bring the My Coffee, My Vibe experience even closer to our consumers,” she said. She added that the campaign is not only about prizes, but also about celebrating the everyday moments consumers enjoy with their coffee. “T...

Kofi Ahovi

Search This Blog