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The Bank of Ghana (BoG) has commenced an audit of remittance activities covering the fourth quarter of last year, from October 1 to December 31, 2024.
This was announced in an official notice issued by the Central Bank today.
According to the BoG, the audit aims to assess the remittance process, recommend improvements to the existing regulatory framework, and ensure full compliance with all relevant regulations, including the Foreign Exchange Act, 2006 (Act 723).
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The Bank emphasized that all market participants are required to fully adhere to these regulatory obligations, underscoring its commitment to promoting transparency, efficiency, and integrity within Ghana’s financial ecosystem.
BoG’s move comes as part of broader efforts to strengthen oversight of the financial sector and enhance the effectiveness of remittance operations.
The Central Bank has reiterated that ensuring compliance will help safeguard the stability of Ghana’s foreign exchange market and build confidence among financial institutions and stakeholders.
Industry players have been urged to cooperate fully with the audit process and provide the necessary documentation and data required for a thorough review. The findings of the audit are expected to shape future policy directions regarding remittance regulations and financial sector governance.
The BoG reaffirmed its commitment to fostering a resilient financial environment, stating that continuous regulatory improvements will help mitigate risks and enhance the efficiency of Ghana’s financial system.
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