The Bank of Ghana (BOG) has launched a comprehensive audit of remittance activities, covering the fourth quarter of 2024, from October 1 to December 31. This move aims to assess the remittance process, identify areas for improvement, and ensure full compliance with relevant regulations, including the Foreign Exchange Act, 2006 (Act 723).

The audit is expected to promote transparency, efficiency,and integrity within Ghana’s financial ecosystem. The BoG has emphasized that all market participants must adhere to regulatory obligations, underscoring its commitment to maintaining a stable and secure financial system.

This development comes after the BOG suspended popular remittance platform Taptap Send’s operations in Ghana for violating the country’s Foreign Exchange Act and guidelines for money services businesses. The audit is seen as a proactive step to prevent similar incidents and ensure that remittance activities are conducted in a secure and compliant manner.