The Bank of Ghana (BoG) has commenced an audit of remittance transactions conducted by banks and remittance service providers across the country.
The exercise, covering the period from October 1, 2024, to December 31, 2024, aims to assess the remittance process and propose measures to enhance the regulatory framework.
According to the BoG, the audit will evaluate compliance with key financial 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.
In a notice issued on Wednesday, February 19, 2025, the central bank urged all market participants to cooperate fully with the audit.
“All market participants are reminded of their obligation to comply fully with these regulatory requirements. Strengthening adherence to these guidelines will enhance the remittance ecosystem, promote transparency, mitigate AML/CFT risks, and contribute to the overall deepening of the foreign exchange market,” the BoG stated.
The audit comes amid a surge in remittance inflows, which outpaced foreign direct investment (FDI) in 2024.
According to the Bank of Ghana’s January 2025 Summary of Economic and Financial Data, total recorded remittances reached $6.65 billion at the close of 2024, far exceeding the $1.73 billion in FDI received during the same period.
The BoG’s audit is expected to bolster regulatory oversight, ensure compliance, and enhance the efficiency of Ghana’s foreign exchange market.