The Bank of Ghana (BoG) has announced an audit of all remittance transactions carried out between October 1, 2024, and December 31, 2024.
According to BoG, the audit aims to check the remittance process and improve regulations to ensure a secure and transparent system.
In a statement signed by the Secretary of the Bank of Ghana, Sandra Thompson, the audit will examine whether financial institutions and money transfer services followed the country’s financial laws.
She further explained these include 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 Bank of Ghana is reminding all financial institutions involved in remittance services to follow the rules strictly. Ensuring compliance will help make the remittance system more secure, reduce financial crimes, and strengthen Ghana’s foreign exchange market.
“All market participants are reminded of their obligation to comply fully with these regulatory requirements.
“Strengthening adherence to these guidelines will enhance the remittance ecosystem, promote transparency, mitigate AML/CFT risks, and contribute to the overall deepening of the Foreign Exchange Market,”
