Bank of Ghana Dismisses Claims of Unaccounted US$11.6 Billion in Remittances

Bank Of Ghana
Bank Of Ghana

The Bank of Ghana has firmly refuted allegations circulating in Ghanaian media that it could not account for $11.6 billion in foreign remittances over the past two years.

Reports had suggested discrepancies between the $21.1 billion tracked by the World Bank and the $9.5 billion reported in the Auditor General’s findings on the Bank of Ghana’s foreign exchange statements.

According to the central bank, the claims of unaccounted remittances are unfounded. The difference in figures is due to the World Bank’s inclusion of estimates beyond actual receipts, which are not directly comparable to the figures reported through Ghana’s banking system. This clarification helps to dispel any confusion and provides a clear understanding of the situation.

The Bank of Ghana clarified that it does not directly license Money Transfer Operators (MTOs) but conducts a rigorous due diligence process on MTOs that partner with local banks and fintech companies for remittance services. This process ensures that all remittance inflows are routed through partner banks’ nostro accounts, guaranteeing transparency and regulatory compliance.

Furthermore, the central bank categorically denies the existence of a dual foreign exchange system in Ghana. It emphasizes that banks and fintechs engaged in remittance services must adhere strictly to the Foreign Exchange Act and other regulatory frameworks, thereby ensuring a unified and transparent foreign exchange system.

Addressing concerns about outbound remittances, the Bank of Ghana emphasized that commercial banks or fintech firms have yet to be licensed or authorized for such activities, safeguarding the country’s foreign currency reserves.

The Bank of Ghana reiterated its unwavering commitment to regulatory oversight and transparency in the financial sector. It urged stakeholders to rely on accurate information and facts in discussions concerning Ghana’s remittance flows and economic stability, thereby fostering trust in the management of these crucial financial operations.

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