The Bank of Ghana (BoG) has announced an audit of remittance transactions covering the period from October 1, 2024, to December 31, 2024, as part of efforts to strengthen the country’s financial regulatory framework.

According to a notice to the public signed by the Secretary of the central bank, Sandra Thompson on February 19, the audit aims to assess the remittance process, ensure compliance with financial regulations, and enhance transparency within the foreign exchange market.

The exercise will focus on adherence to the Foreign Exchange Act 2006 (Act 723), the updated Guidelines for Remittances, the Payment Services Act 2019 (Act 987), and Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) guidelines.

“All market participants are reminded of their obligation to comply fully with these regulatory requirements,” the statement read. It emphasized that stricter adherence to these guidelines would help mitigate money laundering and terrorism financing risks while fostering stability in Ghana’s remittance ecosystem.

The BoG urged all stakeholders within the remittance sector to cooperate fully with the audit process.

The audit comes amid ongoing efforts by financial regulators to enhance oversight and security in the remittance sector, which plays a crucial role in Ghana’s economy. 

The BoG is expected to release recommendations following the audit to further strengthen regulatory compliance in the industry.