The Bank of Ghana has announced an audit of remittance transactions for the fourth quarter of 2024, covering the period from October 1, 2024, to December 31, 2024. This audit aims to assess the remittance process and provide recommendations to strengthen the existing regulatory framework.
The audit will also evaluate compliance with applicable regulations, including the Foreign Exchange Act 2006, the Updated Guidelines for Remittances, and the Anti-Money Laundering Combating the Financing of Terrorism (AML/CFT) Guidelines. Market participants are reminded of their obligation to comply fully with these regulatory requirements.
The Bank of Ghana’s objective is to enhance the remittance ecosystem, promote transparency, mitigate AML/CFT risks, and contribute to the overall deepening of the Foreign Exchange Market. For further clarification, the public can contact the Bank of Ghana at remittanceaudit@bog.gov.gh or +233-302-611724.
This move demonstrates the Bank of Ghana’s commitment to ensuring the integrity and stability of the financial system, particularly in the remittance sector, which plays a crucial role in Ghana’s economy. According to World Bank data, personal remittances received by Ghana have been significant, with the country receiving billions of dollars in remittances in recent years.
Ruth Abla ADJORLOLO
