The Bank of Ghana (BoG) has issued a strong caution to the public, banks, dedicated electronic money issuers (DEMIs), and enhanced payment service providers (EPSPs), urging them not to engage in any transactions with ten money transfer organisations that are operating in the remittance and foreign exchange markets without the necessary regulatory approval.

The entities involved include Ace Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Transfer, Hurupay, Eversend, and Izi Send.

“By this notice, all market players are reminded of the above directives and entreated to comply accordingly”, a statement released by the BoG on June 27, 2025, said.

The BoG emphasized that any institution that fails to adhere to this directive will face strict sanctions, which may include the revocation of its operating license.

“Approved money transfer organisations are reminded to terminate their foreign exchange flows through their partner institutions only and to adhere strictly to all the guidelines in respect of their operations”.

The statement further clarified that Section 3.1 of the Foreign Exchange Act, 2006 (Act 723) stipulates: “a person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act”.

It also referenced Section 15.3 of the same Act, which provides that “each transfer of foreign exchange to or from Ghana shall be made through a person licensed to carry out the business of money transfers or any other authorised dealer.”

“The Public, Banks, Dedicated Electronic Money Issuer (DEMI) and Enhanced Payment Service Providers (EPSP) are by this Notice cautioned to desist from dealing with any of these institutions”.

Electroland Ghana Limited has announced a major price reduction on its goods following the continued appreciation of the cedi against major currencies.

This move, made in line with its “Cedi Apicki Apicki” promotion, comes shortly after a previous price reduction, which was also prompted by the cedi’s strengthening.

Addressing journalists at a press conference on Monday, June 9, the Head of Marketing & Media Relations at Electroland Ghana, Adiza Ibrahim, stated that customers across the country would benefit from a double price reduction on all products.

“We are entreating the general public across Ghana that this additional discount tech prices is for everybody,” she said

She further emphasised that the company has not authorised any third party to request or receive electronic payments, cautioning customers to beware of fraud.

“We have not entrusted any third party to take mobile money payment on behalf of Electroland before their items are supplied to them. I am entreating the general public to be cautious,” she emphasised.

Electroland Ghana Limited is a leading distributor of Midea, TCL, and Nasco electronics in Ghana.

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The Acting CEO of the Ghana Cocoa Board (Cocobod) has revealed that indigenous Licensed Buying Companies (LBCs) face possible extinction unless urgent financing support is provided.

Dr Randy Anerley Abbey disclosed that Cocobod has not secured a syndicated loan for the 2025/26 crop season, and that decision has triggered a financing crisis among local cocoa buyers.

“Something is happening with the LBCs, especially the indigenous ones, which has to do with the fact that we are not doing the syndicated loan. We are not doing 2025/26,” Dr. Abbey told George Wiafe on Joy News’ PM Express Business Edition.

He explained that the absence of the annual cocoa syndicated loan has created a liquidity vacuum, particularly for local companies that traditionally rely on Cocobod’s seed money to buy cocoa beans during the harvest season.

“Under the syndicated loan, Cocobod creates what he calls the seed money. And this seed money is what is given to the LBCs to go and purchase the bean,” he said.

“But 2024/25 low syndicated loans, so no seed fund.”

Dr. Abbey noted that while bypassing the syndicated loan might save Cocobod some financing costs, the decision has had devastating consequences for smaller players.https://www.youtube.com/embed/Y_afP9gzTtc?si=tzSkleGGmgQgOm-E

“Although it is saving Cocobod in terms of the financing cost…if we were to go for a syndicated loan, Cocobod will be looking at maybe GH¢3 billion or GH¢3.5 billion. And because of the nature of our finances, you even have banks asking for 8% to 10% on $1.”

The impact, he warned, is already being felt across the cocoa purchasing chain.

“Now the indigenous LBCs are unable to operate because there’s no seed money.”

In response to the looming crisis, Cocobod has engaged the Bank of Ghana for possible intervention using the Cash Reserve Ratio policy.

“One of the things we’ve done is to engage the central bank, and they asked for a follow-up letter. I’ve done that,” he disclosed.

“What I then told the central bank when we engaged them was that, look, you have the cash reserve ratio where all the banks put 25% of their deposits at the central bank. This is idle, not doing anything.”

He proposed that a small portion of these reserves could be directed to save the indigenous cocoa buyers.

“Can we look at apportioning 2% or 3% of this Cash Reserve Ratio just to support indigenous LBCs?” he asked.

“We can restrict it to cocoa purchases, just to ensure that they also don’t go using it for oil, tin tomatoes, and all those things.”

Dr. Abbey expressed hope that a positive response from the Bank of Ghana could provide lifeline support to the local cocoa buying firms, whose survival is now in question.

“We believe that if there’s a positive response, it will be able to help, especially the indigenous LBCs. Otherwise, if we continue with this financing model, I fear that most of them might go extinct.”

His comments follow Cocobod’s recent shift from syndicated loans to a 60-40 model with cocoa buyers for the 2025/26 season, a change he says compelled him to travel to Europe and North America to engage international buyers directly.

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