Accra: The Bank of Ghana (BoG) says it will conduct an audit of remittance transactions covering the period October 1 to December 31, 2024.
According to Ghana News Agency, a public notice issued and signed by Ms. Sandra Thompson, the Secretary of the Bank of Ghana, stated that the central bank aims to assess the remittance process and provide recommendations to strengthen the existing regulatory framework.
The audit will evaluate compliance with key 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).
The BoG urged all market participants to fully comply with these regulatory requirements.
The central bank emphasized that strengthening adherence to these guidelines would enhance the remittance ecosystem, promote transparency, mitigate AML/CFT risks, and contribute to the overall deepening of the Foreign Exchange Market.
"The objective of this audit is to assess the remittance process and to provide recommendations to strengthen the existing regulatory framework," the notice stated.
The central bank encouraged market participants to cooperate fully with the audit process.
