• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

BoG given 3-week ultimatum to explain $11.2 billion remittance data discrepancy

1 year ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
311
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

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.

RelatedPosts

The Global Push for a Just Transition in Energy Jobs

Why the IEA Reinstated Its “Business as Usual” Scenario

GRA Targets Offshore Income in Expanded Tax Compliance Drive

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.

Tags: BOGBoG given 3-week ultimatum to explain $11.2 billion remittance data discrepancyDataFinTechMoney Transfer Operators (MTOs)RemittanceWorld Bank
No Result
View All Result

Highlights

Gold Boom Drives Rising Costs for Australian Producers

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

Premier League: Spurs Stun Man City at Etihad; Arsenal Dominates Leeds to go Top

CHAN 2024: Senegal, Sudan Complete Semifinal Lineup

From Promise to Peril: How Exam Fraud is Eroding Ghana’s Educational Soul

The 10 Fastest-Growing Trading Nations in Africa

Trending

Features

The Global Push for a Just Transition in Energy Jobs

August 24, 2025

The Global Push for a Just Transition in Energy Jobs For years, energy workers from the fossil...

Why the IEA Reinstated Its “Business as Usual” Scenario

August 24, 2025

GRA Targets Offshore Income in Expanded Tax Compliance Drive

August 24, 2025

Gold Boom Drives Rising Costs for Australian Producers

August 24, 2025

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

August 24, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.