Bank of Ghana Disputes Claims of US$8 Billion Loss in Remittances

Recent reports suggesting that Ghana lost US$8 billion in inward remittances over the past two years due to actions by FinTechs and Money Transfer Operators (MTOs) have been vehemently refuted by the Bank of Ghana (BoG). In a statement released to the media, the central bank dismissed these claims as misleading and devoid of factual basis.

The controversial report alleged that the country experienced a loss of US$5 billion in 2022 and an additional US$3 billion in 2023, purportedly due to FinTechs and MTOs withholding inward remittances, thereby impacting Ghana’s foreign currency reserves negatively.

In response, the BoG issued a clarification aimed at correcting what it described as inaccuracies and misinterpretations. The central bank emphasized that the purpose of its statement was to educate stakeholders and the public about the role of FinTechs and MTOs in facilitating inward remittances, rather than impeding them.

“The purpose of this publication is to properly inform and educate our stakeholders and the public on the extent of involvement of FinTechs and MTOs in inward remittance services and to clarify inaccurate reports that have been shared in the media lately,” the statement from the BoG read.

Remittances play a crucial role in Ghana’s economy, serving as a significant source of foreign exchange and supporting household incomes across the country. The BoG’s intervention underscores its commitment to ensuring transparency and accuracy in reporting concerning the financial sector, particularly regarding sensitive issues such as remittances.

Furthermore, the central bank reiterated its support for initiatives that enhance the efficiency and transparency of remittance flows, emphasizing the importance of collaboration between regulatory authorities and industry stakeholders to safeguard the integrity of Ghana’s financial system.

As discussions around the impact of FinTechs and MTOs on remittance flows continue, the BoG’s stance provides clarity amidst conflicting reports, reassuring stakeholders and the public of its commitment to maintaining a stable and reliable financial environment in Ghana.

In conclusion, while acknowledging the importance of accurate reporting on economic matters, the Bank of Ghana’s swift response serves as a reminder of the critical role regulatory bodies play in safeguarding national financial interests and ensuring informed decision-making by all concerned parties.

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