Dr. Johnson Asiama
The Bank of Ghana (BoG) has issued new guidelines to provide regulatory clarity and operational direction regarding the maintenance and use of Vostro Accounts and Non-Resident Margin Accounts (NRMAs) with resident banks in the country.
According to the central bank, the guidelines, issued on Tuesday, April 14, 2026, supersede and replace the earlier guidelines for the operation of Vostro Accounts by non-resident banks, which were issued on March 5, 2026.
It said the objectives of the new framework are to preserve the integrity and orderly functioning of the domestic foreign exchange market, support the monetary operations of the BoG, and strengthen the interbank foreign exchange market.
The guidelines are also expected to enhance transparency, auditability, traceability and regulatory oversight of cross-border foreign exchange flows, while mitigating the risk of regulatory arbitrage and the circumvention of existing foreign exchange controls.
“The guidelines are issued pursuant to the Foreign Exchange Act, 2006 (Act 723), and shall be read together with the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), as well as all other applicable laws, directives and prudential requirements issued by the Bank,” it stated.
The directive applies to all resident banks licensed by the Bank of Ghana, as well as all non-resident banks that maintain Vostro Accounts and Non-Resident Margin Accounts with resident banks in Ghana.
According to the BoG, Vostro Accounts shall be used exclusively for investment capital transactions, defined as financial activities involving the inflow, holding, deployment or repatriation of capital for investment purposes in Ghana.
The central bank further indicated that transactions permitted on Vostro Accounts will be restricted to non-resident portfolio investments directed at the purchase of medium- to long-term Government of Ghana securities, corporate bonds, public and private equities, and other capital market instruments approved by the Securities and Exchange Commission, the Bank of Ghana or any other relevant regulatory authority.
It added that such accounts may also be used for the receipt of investment income, including coupon payments, dividends and other approved returns, as well as proceeds arising from the sale, maturity or redemption of approved investment instruments, including their repatriation.
The guidelines further state that permissible inflows into Vostro Accounts shall arise only from capital inflows involving the sale of foreign currency to a resident bank, where the non-resident bank transfers foreign currency to the resident bank’s Vostro Account.
“Permissible outflows from Vostro Accounts shall only arise from the purchase of foreign currency from a resident bank for the repatriation of investment proceeds, the purchase of medium- to long-term investments, as well as any other transaction designated by the Bank of Ghana as an investment capital transaction,” parts of the guidelines read.
By Ebenezer Amponsah