The Bank of Ghana (BoG) has refuted reports that the country has lost US$8 billion in the last two years based on FinTechs and Money Transfer Operators (MTO) withholding inward remittances at the expense of the country’s foreign currency reserves.
The central bank described the report as misleading and not grounded on facts.
According to the BoG, the report suggested that the country lost US$ 5 billion in 2022, and US$3 billion in 2023.
“The purpose of this publication is to properly inform and educate our stakeholders and the public on the extent of involvement of FinTechs and MTOs in inward remittance services and to clarify inaccurate reports that have been shared in the media lately”, a statement signed by the BoG said.
Below is the full statement
Latest Stories
-
‘Stop!’ – Beyoncé pauses show as flying Cadillac tilts mid-air
55 seconds -
Spain records temperature of 46C as Europe heatwave continues
18 minutes -
Minority Caucus demands urgent answers over alarming Covid-19 surge at UG
30 minutes -
‘You may control the present, but history will judge you’ – Minority fires at EOCO boss over Hannan Wahab arrest
1 hour -
World Bank backs Ghana $360m to strengthen macroeconomic stability
1 hour -
GH¢80m bail for Hannan Wahab and wife is pre-trial punishment – Minority cries foul
2 hours -
From the pitch to politics: The FIFA World Cup as a tool of global soft power
2 hours -
Academy XI beat Legon All Stars to win inaugural Kudus’ Bazaki Football Tournament
2 hours -
Iran holds funeral for commanders and scientists killed in war with Israel
2 hours -
Nsoatreman FC were paying police 500 cedis on matchdays – Eric Alagidede
2 hours -
Trump says he has ‘a group of very wealthy people’ to buy TikTok
2 hours -
T-bills auction: Government misses target again; investors still prefer BoG bills
3 hours -
Ghana ranked 12th in Africa with highest cost of living
3 hours -
WANTED: Informed narratives on labour migration
3 hours -
BoG forecast shows inflation to fall within 12% by end of 2025
3 hours