Ghana Business Update: Central Bank Halts New MoMo Fees Amid Strategy for Resource Value Addition

The Bank of Ghana (BoG) has taken a decisive step to protect consumers and ensure financial stability by suspending a proposed 0.75% wallet-to-bank transfer fee. Initially scheduled to take effect on June 1, 2026, the fee proposed by Mobile Money Fintech Limited (MMFL)—the operator of MTN Mobile Money—was put on hold following widespread public outcry and petitions from stakeholders. This regulatory intervention comes as the BoG Governor, Dr. Johnson Asiama, simultaneously advocates for a more aggressive approach to local processing of Ghana's natural resources, such as gold, cocoa, and oil, to bolster the national economy and improve the balance of payments.

The controversy surrounding the 0.75% fee centered on concerns that it would undermine financial inclusion and penalize customers for accessing their own funds. Stakeholders, including the Institute of Chartered Accountants Ghana (ICAG), petitioned the government, arguing that such charges constitute a form of "double taxation" in a digital ecosystem where operators already profit from deposits. Consumer advocacy group CUTS International praised the BoG's intervention, highlighting that MMFL holds a dominant 75% market share. They argued that the initial seven-day notice provided to consumers was insufficient and represented an abuse of market dominance, stressing that transparency and consultation are vital to maintaining public trust in digital financial services.

On the macroeconomic front, the Bank of Ghana is navigating fluctuating gold reserves and a weakening currency. Latest data reveals that Ghana's gold holdings stood at 22.3 tonnes in April 2026, a decrease from 31.4 tonnes a year prior, though there has been a marginal recovery from March 2026 levels. To mitigate this, the government is advancing the Gold Accumulation Reserve Programme (GANRAP), which aims to purchase approximately 3.02 tonnes of gold weekly from local sources. Governor Asiama emphasized that adding value to these resources through local refining and processing is essential for creating jobs, increasing government revenue, and retaining more wealth within the country's borders before export.

These developments occur against the backdrop of ongoing pressure on the Ghanaian cedi, which traded at approximately GHS 12.45 against the US dollar at forex bureaus in late May 2026. While digital remittance services like LemFi and Taptap Send continue to offer competitive rates, the slight depreciation of the cedi highlights the urgency of the BoG's broader economic strategies. Moving forward, the focus remains on balancing digital financial regulation with innovative resource management to ensure long-term economic resilience and consumer protection in Ghana's evolving business landscape.