The Bank of Ghana (BoG) has addressed recent scrutiny over discrepancies in reported remittance inflows, clarifying the situation amidst allegations of underreporting.
Concerns arose when a comparison was made between the World Bank’s reported $20.7 billion in remittances to Ghana from 2018 to 2022 and the $9.5 billion noted in the Auditor General’s reports based on the Bank of Ghana’s statements.
The Director of Communications at the Bank of Ghana, Bernard Otabil, clarified in an interview with Channel One Business that the discrepancy stems from differences in reporting scope.
He explained that the figures published by the Bank of Ghana represent a net position, accounting for both inflows and outflows, whereas the World Bank’s figures focus solely on inflows.
Otabil emphasized that understanding this distinction is crucial, as misinterpretations can lead to misleading conclusions.
He reassured that the inflow figures reported by the Bank of Ghana are largely consistent with those of the World Bank, indicating no cause for alarm.
To substantiate their position, the Bank of Ghana provided data to Channel One Business showing inward remittances of $4.97 million in 2015, aligning with World Bank data.
“The problem is a lack of understanding of the issues. The figures they have captured are the BoP that we published. What they got wrong is that the figure you see is a net position, which captures both inflows and outflows. But if you look at the inflows, which we have, they are largely aligned with the World Bank’s.”
“Without this understanding, we will see people put out misleading information. Our figures are aligned and is there is no cause for alarm,” he added.
Similarly, in 2022, both institutions reported $4.16 million in inward remittances.