{"id":195701,"date":"2024-07-02T15:00:50","date_gmt":"2024-07-02T15:00:50","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/07\/02\/bog-explains-inward-remittance-framework\/"},"modified":"2024-07-02T15:00:50","modified_gmt":"2024-07-02T15:00:50","slug":"bog-explains-inward-remittance-framework","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/07\/02\/bog-explains-inward-remittance-framework\/","title":{"rendered":"BoG explains Inward Remittance Framework \u2013"},"content":{"rendered":"<p><\/p>\n<div>\n<p>The\u00a0Bank of Ghana\u00a0has provided an explanation of how the Inward Remittance Framework operates, along with its associated guidelines.<\/p>\n<p>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.<\/p>\n<p>In accordance with Section 4 (1) (e) of the\u00a0Bank of Ghana\u00a0Act 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\u00a0Bank of Ghana\u00a0issues guidelines for the regulation of inward money transfer services provided by payment service providers in collaboration with Money Transfer Operators (MTOs).<\/p>\n<p><strong>Watch the video below<\/strong><\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-embed-handler wp-block-embed-embed-handler wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\">\n<p><div class=\"youtube-embed\" data-video_id=\"G0tH8hIzkaU\"><iframe loading=\"lazy\" title=\"The Inward Remittance Framework\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/G0tH8hIzkaU?feature=oembed&#038;enablejsapi=1\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<\/p>\n<\/div>\n<\/figure>\n<p><strong>Source:\u00a0<\/strong>www.ghanaweb.com<\/p>\n<p><!-- CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The\u00a0Bank of Ghana\u00a0has 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, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":170035,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-195701","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BoG explains Inward Remittance Framework \u2013 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/07\/02\/bog-explains-inward-remittance-framework\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BoG explains Inward Remittance Framework \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The\u00a0Bank of Ghana\u00a0has 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, [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ghanamma.com\/2024\/07\/02\/bog-explains-inward-remittance-framework\/\" \/>\n<meta property=\"og:site_name\" content=\"Ghanamma.com\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-02T15:00:50+00:00\" \/>\n<meta name=\"author\" content=\"Ghana News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ghana News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/07\\\/02\\\/bog-explains-inward-remittance-framework\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/07\\\/02\\\/bog-explains-inward-remittance-framework\\\/\"},\"author\":{\"name\":\"Ghana News\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#\\\/schema\\\/person\\\/c70749f3edfbfcd92d45e933f0fe10b5\"},\"headline\":\"BoG explains Inward Remittance Framework \u2013\",\"datePublished\":\"2024-07-02T15:00:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/07\\\/02\\\/bog-explains-inward-remittance-framework\\\/\"},\"wordCount\":144,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/07\\\/02\\\/bog-explains-inward-remittance-framework\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/07\\\/02\\\/bog-explains-inward-remittance-framework\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/07\\\/02\\\/bog-explains-inward-remittance-framework\\\/\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/07\\\/02\\\/bog-explains-inward-remittance-framework\\\/\",\"name\":\"BoG explains Inward Remittance Framework \u2013 - 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