The Bank of Ghana is conducting an audit of remittance transactions covering the period October 1, 2024 to December 31, 2024. The objective of the audit is to assess the remittance process and to provide recommendations to strengthen the existing regulatory framework.
A press release dated February 19, 2025 and signed by Ms Sandra Thompson, the Secretary, stated that the audit will evaluate compliance with all applicable 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.
She said all market participants are reminded of their obligation to comply fully with these regulatory requirements, adding that Strengthening adherence to the guidelines will enhance the remittance ecosystem, promote transparency, mitigate AML/CFT risks, and contribute to the overall deepening of the Foreign Exchange Market.
