GHANA: Central Bank Urged to Adopt Digital Tracking for Remittance Gaps

Banking consultant Dr. Richmond Atuahene has called on the Bank of Ghana (BoG) to implement centralized B2B software to address significant gaps in capturing remittance flows, which undermine economic planning and currency stability.

Dr. Atuahene observed that the BoG’s current Balance of Payments framework fails to track substantial portions of remittances due to fragmented data from banks, fintech firms, and money transfer operators. Non-compliance with forex regulations has further exacerbated cedi depreciation and forex shortages. He emphasized that a real-time digital platform modeled after systems in Sri Lanka and Bangladesh could capture 85–90% of inflows by integrating all transaction channels.

The policy analyst also recommended forensic audits of financial institutions’ Nostro accounts from 2019–2025 to address regulatory breaches under Ghana’s Foreign Exchange Act. Additionally, he urged recognizing remittances as a permanent economic feature via nationwide migration surveys and partnerships with global bodies like the World Bank.

Transparency measures were underscored, including naming and prosecuting non-compliant entities. Dr. Atuahene warned that inaction risks eroding forex reserves and worsening debt management, even as remittances remain vital to Ghana’s economy. The proposals aim to harness diaspora funds for recovery efforts amid the Mahama administration’s economic reforms.

SOURCE: NEWSGHANA