Centralised Remittance Tracking: A Key to Plugging Forex Leakages in Ghana
Ghana’s central bank, the Bank of Ghana (BoG), is facing calls to implement a centralised remittance tracking system to bolster its foreign exchange reserves. While inward remittances provided support for the cedi in the first half of 2025, those flows have reportedly begun to decline since April, raising concerns about forex stability.
# Strengthening Forex Management Through Technology
Dr. Richmond Akwasi Atuahene, a banking and corporate governance consultant, argues that the absence of real-time tracking infrastructure hinders Ghana’s ability to effectively leverage remittances for foreign exchange management. He proposes the implementation of centralised business-to-business software for all relevant financial players, including banks, money transfer operators (MTOs), fintech companies, and other licensed payment service providers. According to Dr. Atuahene, the current lack of a comprehensive tracking framework across the entire remittance value chain creates opportunities for non-compliance, offshoring of funds, and significant foreign exchange leakages that could potentially be avoided. This call to action follows a recent notice issued by the BoG, highlighting the urgency of addressing these issues.
By implementing a robust, centralised tracking system, Ghana can gain greater visibility into remittance flows, minimize leakages, and ultimately strengthen its foreign exchange reserves, contributing to a more stable economy. This technology-driven approach is seen as crucial for optimizing the use of remittances as a strategic economic tool.
Keywords
Related Keywords: Centralised remittance tracking, remittance tracking, FX gaps, foreign exchange gaps, remittances, Bank of Ghana, BoG, analyst, financial analysis, crossborder payments
