Ghanaians living and working abroad have become significant forces in shaping the future of both their host country and back home in Ghana.
Their vast knowledge, skills, and investments are invaluable in propelling economic progress and social development in their communities back home.
In 2022, personal remittances sent to Ghana amounted to $4.7 billion, constituting 6.1% of its GDP. This inflow of capital from abroad continues to be a significant driver of Ghana’s economic expansion.
The magnitude of these remittances owes much to Ghana’s broad and well–dispersed diaspora, and the country’s widespread adoption of digital technologies.
1. According to a study published by the World Bank.
2. Low-income households in Ghana that receive remittances showed improved quality of life, as their income status changed dramatically.
Moreover, remittances have played a crucial role in increasing financial inclusion rates in the country. Financial sector actors are now working towards expanding access and lowering costs of digital remittances to Ghana.
3. This has been particularly impactful to Ghanaians living in rural areas who might not have access to affordable financial services.
For many, gaining access to low-cost formal, reliable, and timely remittance services is essential to cover basic expenditures.
