Dr. Richmond Atuahene, a banking consultant, has given the Bank of Ghana a 21-day ultimatum to provide a clear explanation for the significant discrepancy in remittance inflows to Ghana.
The Bank of Ghana’s reported figures are substantially lower than the World Bank’s data, suggesting a potential loss of revenue for the state.
Dr. Atuahene, who has additional data to support his challenge, believes that the under-reporting is attributed to the growing role of FinTech and other payment platforms.
He finds the Bank of Ghana’s explanation for the discrepancy unsatisfactory, as it fails to address the widening gap between the two sets of figures.
The World Bank reports a total of $20.7 billion in remittance inflows to Ghana from 2018 to 2022, whereas the Bank of Ghana’s reports only account for $9.5 billion during the same period, leaving a significant gap of approximately $11.2 billion.
Dr. Atuahene vows to release more data and explain it to the public if the Bank of Ghana fails to provide a satisfactory response within the given timeframe.
Dr. Atuahene’s challenge to the Bank of Ghana aims to ensure the accuracy of remittance inflow data, which is crucial for economic planning and revenue generation.
He believes that the public deserves to know the truth behind the discrepancy and demands a clear explanation from the Bank of Ghana.
