BoG given 3-week ultimatum to explain $11.2 billion remittance data discrepancy
Dr. Richmond Atuahene, a banking consultant, has demanded that the Bank of Ghana (BoG) clarify the significant disparity between its reported remittance inflows and those tracked by the World Bank within 21 days.
Dr. Atuahene has accused the central bank of under-reporting remittance receipts, which has allegedly allowed certain FinTech and payment platforms to withhold substantial foreign exchange, adversely impacting the state.
The crux of the issue lies in a pronounced discrepancy in remittance data. The World Bank recorded approximately $20.7 billion in remittance inflows to Ghana from 2018 to 2022. But in stark contrast, the Auditor General’s reports on the BoG’s consolidated statements of foreign exchange receipts and payments for the same period documented only $9.5 billion, resulting in an $11.2 billion shortfall.
In response to the BoG’s recent statement on the role FinTech and Money Transfer Operators (MTOs) and the Bank’s refusal of losing some $8bn due to the activities of FinTechs and MTOs in remittance services, Dr. Atuahene asserted that the central bank has been significantly under-reporting cash flows from remittances.
He has therefore called for the BoG to present data within three weeks to justify the disparity between its figures and those reported by the World Bank, which he described as indisputable.
“I’m giving them 21 days because I have more data and I’m going to reveal it because you cannot challenge the World Bank data, which I have confirmed,” Dr. Atuahene said during an on JoyNews. He emphasized that the BoG’s statement was unfounded and failed to address the widening gap between its reported remittance receipts and those tracked by the World Bank.
Dr. Atuahene further warned that unless the BoG rectifies the discrepancies and provides accurate data, he will continue to release and elucidate the data to the public.
“So I’m giving them 21 days, let them retract it and let them get the data and the facts right. Other than that, I’ll continue to release the data and explain the data to the public,” he demanded.
