The Bank of Ghana has provided an explanation of how the Inward Remittance Framework operates, along with its associated guidelines.
Remittances serve as a significant source of external financing and make a major contribution to national income. For example, many Ghanaian families rely on remittances from relatives living abroad to cover various expenses such as education, healthcare, rent, household needs, and utilities.
In accordance with Section 4 (1) (e) of the Bank of Ghana Act 2002 (Act 612), as amended, Section 2 (3) of the Foreign Exchange Act, 2006 (Act 723), and Section 101(2) (i) of the Payment Systems and Services Act 2019 (Act 987), the Bank of Ghana issues guidelines for the regulation of inward money transfer services provided by payment service providers in collaboration with Money Transfer Operators (MTOs).
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Source: www.ghanaweb.com