Dr. Atuahene challenges BoG to clarify under-reporting of remittances in 21 days

A banking consultant, Dr. Richmond Atuahene has challenged the Bank of Ghana to explain why there is a significant difference between its reported remittance inflows to Ghana and the figures provided by the World Bank. Dr. Atuahene believes that the Bank of Ghana has been under-reporting remittance receipts, leading to potential revenue loss for the state. He has therefore given the Bank of Ghana 21 days to provide data to clarify the discrepancies. Dr. Atuahene claims to have additional data supporting his challenge to the Bank of Ghana and argues that the under-reporting of remittances is due to the role of FinTech and other payment platforms. 'I'm giving them 21 days because I have more data and I'm going to reveal it because you cannot challenge the World Bank data, which I have confirmed,' he lamented in a myjoyonline.com report. 'You are under-reporting, and this under-reporting comes because of the role of FinTech,' Dr. Atuahene suggested. He added that the BoG's explanation for the differences i n its report and that of the World Bank is baseless and does not address the widening gap between remittance receipts it captured and those of the World Bank. 'So, I'm giving them 21 days, let them retract it and get the data and the facts right. Otherwise, I will continue to release the data and explain the data to the public,' he demanded. Meanwhile, the World Bank data shows a total of $20.7 billion in remittance inflows to Ghana from 2018 to 2022, while the Bank of Ghana's reports only accounted for $9.5 billion during the same period, leaving a gap of approximately $11.2 billion. Source: Ghana Web