The Bank of Ghana has launched a comprehensive audit of remittance activities, covering the fourth quarter of 2024, from October 1 to December 31. This audit aims to assess the remittance process and recommend improvements to ensure compliance with relevant regulations.
According to the Bank of Ghana, the audit will review remittance activities to identify areas for improvement and ensure that all market participants adhere to regulatory obligations. This move is part of the Bank’s efforts to promote transparency, efficiency, and integrity within Ghana’s financial ecosystem.
Remittances play a significant role in Ghana’s economy, accounting for approximately 6% of the nation’s GDP. In 2023, the total remittance inflow was US$4.8 billion, exceeding the combined value of Official Development Assistance and Foreign Direct Investment.
The Bank of Ghana’s audit is expected to promote a secure and compliant remittance environment, ultimately benefiting the economy and the people of Ghana.
