Ghana did not lose $8 billion due to MTO, Fintech activities — BoG denies claims

The Bank of Ghana (BoG) has dismissed claims that Ghana lost $8 billion in the last two years due to activities of Money Transfer Operators (MTOs) and Fintech companies involved in facilitating remittances into the country.

In a press statement issued on Tuesday, June 25, the Central Bank clarified that the assertion that the country lost $5 billion in 2022 and $3 billion in 2023 based on MTOs and Fintechs withholding remittance funds is "misleading and not grounded in facts."

"No PSP holds any forex inflows from inward remittances. The partner bank credits the local cedi accounts of PSPs for onward transfer to beneficiaries,” read the statement in part.

The statement further noted that "all remittance inflows are credited to the nostro account of partner banks of Payment Service Providers (PSPs), as such, no PSP holds any forex inflows from inward remittances."

Responding to allegations that the country operates two foreign exchange systems, the BoG said this is untrue.

It stated that "Ghana does not operate two foreign exchange systems. Both banks and FinTechs who engage in inward remittance services do regularly submit prudential returns to the Bank of Ghana as part of their regulatory obligations."