The Auditor-General has revealed that an amount of US$94,534,928.11 was remitted to Ghanaian Missions abroad for compensation and goods and services.
This is against US$111,747,076.83 reported in 2021, showing a decrease of US$17,212,148.72 or 15.4%.
Remittance refers to the act of sending money, often in the form of funds or payment, from one individual or entity to another, typically across borders or to a different geographic location. Remittances are commonly sent by foreign workers to their families or dependents in their home countries.
Embassy transfers of US$94,534,928.11 for the period represented 8.2% of the total invisible payments, according to the Auditor-General’s Report on the Consolidated Statements of Foreign Exchange Receipts and Payments of the Bank of Ghana (BoG) for the year ended 31 December 2022.
Total invisible payments for 2022 were US$1,149,652,107.37 compared with US$1,117,831,287.19 for the
corresponding period of 2021, registering an increase of US$31,820,820.18 or 2.9%.
The increase resulted mainly from the rise in progress payment to contractors and non-surrender portion of the invisible payments made up of manpower, training and development, embassy transfers, progress payments to contractors, management and technical
services fees, capital subscriptions and sundry payments.
Check out the table for Embassy transfers for 2022 and 2021 below.