- BoG urged to intensify scrutiny of fintech companies
- Dr. Atuahene also called for improvements
- He recommended forensic audits by international firms
Banking expert Dr. Richmond Akwasi Atuahene is urging the Bank of Ghana (BoG) to intensify scrutiny of fintech companies in the remittance sector, citing discrepancies in reported figures and potential impacts on foreign exchange reserves.
He recommends forensic audits by international firms, reimbursement of foreign exchange components, and enhanced oversight through technological solutions like Middleware platforms.
Dr. Atuahene highlights the potential economic benefits of capturing accurate remittance data, including reducing the current account deficit and stabilizing the local currency.
His proposals come amid concerns about discrepancies between World Bank and authorized dealer bank figures, and the BoG’s handling of significant remittance inflows.
While the BoG refuted claims of losing $8 billion, it acknowledged a decline due to newly licensed MTOs and fintech companies withholding approximately $8 billion over two years.
Dr. Atuahene also calls for improvements to the international remittance data framework, urging the BoG and IMF to enhance their frameworks to better reflect the evolving remittance sector.
