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BoG faces scrutiny over $11.2bn discrepancy in remittance data
The Bank of Ghana is being asked to clarify the discrepancy between its data on remittance inflows and the figures reported by the World Bank. While the World Bank reported about $20.7 billion in remittances flowing into Ghana from 2018 to 2022, the Auditor General’s report on the Bank of Ghana’s consolidated statements of foreign […] The post BoG faces scrutiny over $11.2bn discrepancy in remittance data appeared first on Citinewsroom - Comprehensive News in Ghana.
The Bank of Ghana is being asked to clarify the discrepancy between its data on remittance inflows and the figures reported by the World Bank.
While the World Bank reported about $20.7 billion in remittances flowing into Ghana from 2018 to 2022, the Auditor General’s report on the Bank of Ghana’s consolidated statements of foreign exchange receipts and payments for the same period accounted for only $9.5 billion, revealing a gap of about $11.2 billion.
In an interview with Citi Business News, Banking consultant Dr. Richmond Atuahene noted that if all remittances were tracked and traded accurately, such discrepancies would not occur.
“This World Bank report sends a warning and signal to all countries around that remittances are key to foreign exchange build up. If you track and trace and capture all remittances you won’t have problems because It’s more like gold and cocoa.”
“I am demanding that under the Right to Information, they should come clear about the discrepancies.”
The post BoG faces scrutiny over $11.2bn discrepancy in remittance data appeared first on Citinewsroom - Comprehensive News in Ghana.
