The Bank of Ghana (BoG) has unveiled plans to conduct a thorough audit of remittance transactions for the fourth quarter of 2024, spanning October 1 to December 31. This initiative is aimed at enhancing transparency, mitigating financial risks, and ensuring strict compliance with Ghana’s financial regulations.
Strengthening the Regulatory Framework
The BoG’s audit will assess how well financial institutions comply with key regulatory frameworks, including:
- Foreign Exchange Act 2006 (Act 723)
- Updated Guidelines for Remittances
- Payment Services Act 2019 (Act 987)
- Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Guidelines
According to the Bank of Ghana, all remittance service providers, banks, and fintech companies must fully comply with these regulations to prevent financial fraud and illicit money transfers.
Why This Audit Matters
The remittance sector plays a vital role in Ghana’s economy, providing essential foreign exchange inflows. The audit is expected to:
✅ Improve transparency in international money transfers
✅ Strengthen regulatory compliance across financial institutions
✅ Protect consumers from fraudulent transactions
✅ Enhance the overall integrity of Ghana’s foreign exchange market
Industry Stakeholders to Cooperate Fully
The BoG has urged all financial institutions and service providers to cooperate fully during the review. The findings could result in further regulatory adjustments to improve the efficiency and security of the remittance sector.
What This Means for You
If you are a remittance service provider, bank, or fintech company, ensure that your processes align with BoG’s compliance standards. For Ghanaians receiving remittances, this move signifies stronger consumer protection and a more secure financial ecosystem.
📢 Stay updated on BoG’s regulatory policies by visiting BoG’s official website.