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The Bank of Ghana (BoG) has refuted reports claiming that the country has lost US$8 billion over the last two years due to FinTechs and Money Transfer Operators (MTO) withholding inward remittances, thereby impacting the country’s foreign currency reserves. The central bank described these reports as misleading and not based on facts.
The reports suggested that the country lost US$5 billion in 2022 and US$3 billion in 2023. In response, the BoG issued a statement to inform and educate stakeholders and the public about the actual involvement of FinTechs and MTOs in inward remittance services, aiming to clarify the inaccuracies circulated in the media.
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Below is the full statement
