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