The Bank of Ghana (BoG) is set to conduct an audit of remittance transactions covering the period from October 1, 2024, to December 31, 2024.
The audit is aimed at assessing the remittance process and strengthening the regulatory framework governing international money transfers.
According to a public notice issued by the central bank, the review will also evaluate compliance with key financial regulations, including the Foreign Exchange Act 2006 (Act 723), the Updated Guidelines for Remittances, the Payment Services Act 2019 (Act 987), and the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Guidelines.
The BoG stressed that all market participants must ensure full adherence to these regulatory requirements, as the audit seeks to enhance transparency, mitigate financial risks, and deepen Ghana’s foreign exchange market.
Industry stakeholders, including remittance service providers, banks, and financial technology firms, are expected to cooperate fully with the central bank’s audit process.
The findings from this review could lead to further regulatory adjustments aimed at improving the efficiency and security of the remittance sector.