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Spencer Wan Blog of Sunday, 23 February 2025
Source: Eric Afatsao
The Bank of Ghana is facing increasing scrutiny as calls intensify for a comprehensive forensic audit into 11 financial technology (fintech) firms managing remittance transactions. This follows alarming revelations that over $10 billion in inward remittances between 2019 and 2023 remain unaccounted for.
The missing funds, which were expected to boost Ghana’s economy through formal remittance channels, have sparked major concerns over regulatory oversight and financial transparency within the fintech sector. Policymakers and industry experts are demanding immediate action, fearing that the untracked billions could point to large-scale fraud, money laundering, or systemic flaws in Ghana’s financial monitoring framework.
Mounting Pressure on the Central Bank
The Bank of Ghana is under growing pressure to address the situation, with financial analysts warning that failure to act decisively could erode investor confidence and destabilize Ghana’s financial system. “If over $10 billion can vanish without detection, it raises serious questions about the robustness of our financial regulations,” a financial consultant noted.
In response, Parliamentary committees are taking interest, with some legislators pushing for an independent investigation to ensure transparency and eliminate potential institutional bias. Civil society organizations have also joined the call, demanding accountability from the fintech firms involved and urging stricter oversight of foreign remittance inflows.
Silence from Fintech Firms Fuels Public Suspicion
The fintech companies at the center of the controversy have largely remained silent, with only a handful issuing vague denials of wrongdoing. Their lack of clear communication has fueled speculation, with many questioning whether these firms were knowingly complicit or if regulatory loopholes allowed the funds to remain unaccounted for.
A Defining Moment for the Bank of Ghana
As public outcry grows, the Bank of Ghana faces a critical decision: launch a transparent forensic audit or risk further eroding confidence in Ghana’s financial sector. How the central bank handles this unfolding scandal could have long-term implications for the country’s financial credibility and its ability to attract future remittance inflows.