Bank of Ghana’s Old Headquarters in Accra
The Bank of Ghana (BoG) has announced an audit of remittance transactions covering the period from October 1, 2024, to December 31, 2024.
According to a statement signed by the Secretary of the central bank, Sandra Thompson, the audit aims to assess the remittance process and provide recommendations to strengthen the existing regulatory framework.
Additionally, the exercise 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) Guidelines.
The BoG also reminded all market participants of their obligation to fully adhere to these regulations.
The statement noted that strengthening compliance through this exercise would enhance the remittance ecosystem, promote transparency, mitigate AML/CFT risks, and support the overall deepening of Ghana’s foreign exchange market.
The audit by the apex bank underscores its commitment to ensuring a transparent and well-regulated financial sector as Ghana continues to enhance its remittance operations.
MA
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