The Bank of Ghana is facing mounting scrutiny following revelations that over $10 billion in inward remittances between 2019 and 2023 remain unaccounted for. The controversy, which involves 11 financial technology (fintech) firms responsible for handling remittance transactions, has sparked calls for a comprehensive forensic audit to uncover potential fraud, money laundering, or regulatory failures.https://chat.whatsapp.com/HPfqFbuSt7fA2MVV742k2V
Mounting Pressure on the Central Bank
The missing funds, which were expected to boost Ghana’s economy through formal remittance channels, have raised alarms about financial oversight in the country. Financial analysts warn that if such a massive amount can go untracked, it casts doubt on the robustness of Ghana’s regulatory framework.
“If over $10 billion can vanish without detection, it raises serious concerns about the Bank of Ghana’s monitoring systems and the transparency of fintech operations,” a financial consultant stated.
In response, members of Parliament are pushing for an independent probe to ensure transparency and prevent institutional bias. Civil society groups have also joined the call for accountability, urging tighter regulations and increased oversight on foreign remittance inflows.
Fintech Firms Remain Silent
The fintech companies at the center of the controversy have largely remained quiet, with only a few issuing vague statements denying wrongdoing. Their silence has fueled public suspicion, with many questioning whether the firms knowingly participated in misconduct or if regulatory loopholes enabled the funds to remain unaccounted for.
A Defining Moment for the Bank of Ghana
The Bank of Ghana now faces a crucial test: either conduct a thorough forensic audit to restore public trust or risk further damaging confidence in the nation’s financial system. How the central bank navigates this crisis could have long-term implications for Ghana’s financial credibility and its ability to attract future remittance inflows.
As pressure mounts, all eyes are on the Bank of Ghana to take decisive action and bring much-needed transparency to this unfolding financial scandal.
Source: joynews
