$6.8 billion invisible receipts projection by the BoG fails to materialise
A $6.8 billion invisible receipts projection for the year 2020 by the Bank of Ghana (BoG) according to the 2020 Auditor-General’s report failed to materialise.
Per the report, the BoG managed to realise some $2.5 billion invisible receipts out of the $6.8 billion projected invisible receipts for the year.
The recorded difference in the Central Bank’s invisible receipts projection and actual invisible receipts, the report notes represents an unfavourable balance of $4.2 billion or 62.55 percent.
Compared to actual invisible receipts of $5.2 billion recorded for 2019, the 2020 invisible receipts of $2.5 billion represents a year-on-year (YoY) decline of $2.7 billion.
Invisible receipts, the Auditor-General noted in its report include receipts to the Central Bank from trading securities, interests from JP Morgan investments and other interests and commissions, forex purchases, interest on BISIP A portfolio, among others.
Must Read: Banks earn $24.8 billion in foreign exchange transactions – Auditor-General report
On the other hand, invisible payments by the BoG for 2020 the AG report notes, totaled $742 million.
The invisible payments of $742 million marked a decrease of some $906 million for the year under review when compared to the $1.6 billion invisible payments made in 2019.
The over $906 million saved in invisible payments by the BoG, the Auditor-General opined was due to decreases in sundries payments, manpower training and development, embassy transfers, management and technical services fees among others that constitute the Bank’s invisible payments.
Invisible payments the report further notes, was projected to be $4.6 billion for 2020 but actual invisible payments amounted to $742 million showing a favourable difference of $3.9 billion or 84.16 percent.
The Central Bank’s gross international reserves as at end-December 2020, according to the report stood at $8.6 billion, an increase of some $208 million from the 2019 gross reserves of $8.4 billion.
