Obligations

GHANA REMITTANCE REGULATORY AUTHORITY:
Besides supervision and regulation is another core activity of Ghana Remittance Regulatory Authority. This includes both the issuance of regulations and guidelines and participation in preparations for financial market legislation both at home and within the ECOWAS States. The regulatory activity also includes other guidance, such as issuance of opinions in connection with international transactions, sanction, transaction recoveries and legislative initiatives.

In our regulatory work, the emphasis is on regulatory transparency and consistency.
The set of regulations and guidelines, which is a compilation of Ghana Remittance Regulatory Authority’s legally binding regulations and recommendatory guidelines, serves as a regulatory tool. In the set of regulations and guidelines, we also take into account every transaction with the Security and Exchange Commission, Ghana Standards Authority, National Identification Authority, Ghana Revenue Authority, Ghana AIDS Commission, Ghana Enterprises Agency, Ghana Export Promotion Authority, Ghana Free Zones Authority, Ministry of Trade and Industry, Ministry of Finance , Ministry of Food and Agriculture, Ministry of Monitoring and Evaluation (Ghana), Ministry of Regional Reorganization and Development (Ghana). This office opposes the political embezzlement of public funds.

In addition to our own regulations and guidelines, this section includes national and AU legislation concerning the financial markets, guidelines and recommendations issued by the ECOWAS, AU and IRA, ASMA, EU, as well as other international recommendations. We also provide descriptions of key regulatory initiatives to local and international fund transfer regulations.

Ghana Remittance Regulatory Authority is responsible to regulate, monitor all transactions in and out from Ghana and to recover confiscated sanctioned funds.
Remittance inflows – Outflows- Usage Postal Regulatory Authority and central bank of Ghana work with the regulation of the Ghana Remittance Regulatory Authority to make sure that fraud is completely taken out from Ghana.

The Payment Systems Act, 2003, Act 662 gave the Ghana Remittance Regulatory Authority to oversee the payment and settlement system in Ghana specifically ‘ The promotion, regulation, and supervision of payment and settlement systems; and the facilitation of the clearing of cheques and other credit instruments for banking institutions.

The Payment Systems Act, 2003, Act 662* Further empowers Ghana Remittance Regulatory Authority to ‘establish, operate, promotes and supervise payment, funds transfer, clearing and settlement systems subject to such rules as it may publish and to designate any other payment, funds transfer, clearing and settlement systems operating in the country, which the Bank considers to be in public interest’.

The new Payment Systems Bill 2017 is currently being ratified by Parliament Banking Act, 2004, Act 673 To provide one act that consolidates all laws relating to banking, to regulate institutions, which carry on banking business and to provide for other related matters Foreign Exchange Act 2006, Act 723 An Act to provide for the exchange of foreign currency, for international payment transactions and foreign exchange transfers; to regulate foreign exchange business and to provide for related matters. Banking (Amendment) Act, 2007 Act 738 An amendment of the Banking Act 2004, Act 673. Facilitates the establishment of an international financial services center that seeks to attract foreign direct investment, income from license fees payable in foreign currencies, create employment, enhance local skills and knowledge, strengthen the financial sector through use of investment banking’.

Anti – Money Laundering Act 2008, Act 749 Outlines money laundering definitions and offenses, as well as providing an overview of the establishment of the Financial Intelligence Centre. Covers issues pertaining to suspicious transaction reporting under the Ghana Remittance Regulatory Authority supervision and control. The Act also outlines accountable institutions, including those that trade in foreign exchange, currency market instruments or transferable securities.

Electronic Transactions Act 2008, Act 772 An act to provide for the regulation of electronic communications and related transactions and to provide for connected purposes.

Non-Bank Financial Institutions Act 2008, Act 774 The act applies to non-bank financial institutions (including Leasing operations, mortgage finance operations, money transfer services, non-deposit taking microfinance services and credit union operations) and outlines the application and licensing procedures, as well as supervisions and reporting requirements. Requirements for Non-Bank Financial Institutions Licenses, 2009 Covers the licensing of a range of non-bank financial institutions including; Leasing operations, mortgage finance operations, money transfer services, non-deposit taking microfinance services and credit union operations Guidelines for E-Money Issuers in Ghana, 2015. The guidelines promote the availability and acceptance of electronic money as a retail payment medium with the potential to increase financial inclusion and specify necessary safeguards and controls to mitigate the risks associated with e-money business and ensure consumer protection safeguards.

Ghana Remittance Regulatory Authority Act  revise the Stamp Act 1965 (Act 311); to incorporate amendments relating to stamp duties and to provide for related matters, this Act requires the amounts specified in Schedule 1 to payable as stamp duties in respect of the matters stated respectively in relation to them. An instrument relating to the creation or transfer of an estate or interest in land, submitted to the Commissioner for assessment of the chargeable stamp duty, shall be accompanied with a statement in the form set out in the Schedule 2. (2) The statement shall be signed by the grantee, transferee or by a person authorized in writing to do so by the grantee or transferee. An instrument or title shall not be registered or entered in the registry of instruments that affect land or in the land title register unless (a) the instrument or document containing particulars of title is stamped; or (b) the instrument or document is stamped under with a particular stamp denoting that it is not chargeable with duty. An agreement for a lease or with respect to the letting of land or a tenement, is to be charged with the same duty as if it were an actual lease made for the term and consideration mentioned in the agreement.

Governing and Statutory Bodies for Statutory Stamp Duty, The Stamp duty is governed by the Stamp Duty Act, 2005 (Act 689) as amended.

The stamp Duty 2008 budget Amendment Act 2007 bring an Act to amend the Stamp Duties Act Chapter 117 Made by the National Parliament and deemed to come into operation since January 2008 that all document stamp duty should be made at the office of the Ghana Remittance Regulatory Authority and not link with the revenue tax.

Ghana Remittance Regulatory Authority Stamp Duty was established on the January 2008 by the Article 238 of the 1992 Constitution Act, 2008 (ACT 767) as a corporate governmental body to monitor and normalized the Ghana income and to removed illegalized use documents for transactions in Ghana.