Remittances from Ghanaians living in the United Kingdom have fallen sharply, prompting the Bank of Ghana (BoG) to intensify efforts to channel diaspora funds into productive, long-term investments.
At the London–Accra Economic Growth Summit, BoG Governor Dr Johnson Asiama revealed that remittance inflows from the UK accounted for just 17.5 percent of total receipts between January and September 2025, down from about 28 percent during the same period in 2024. While the UK remains a key remittance corridor, the decline underscores the need for structured, incentive-driven engagement with Ghanaians abroad.
“Remittances have historically supported household consumption and strengthened our balance of payments. But our focus is shifting toward investments that drive sustainable economic growth,” Dr Asiama said. He highlighted opportunities to deploy diaspora funds in small and medium-sized enterprises, housing, agricultural modernisation, and job creation through skills and knowledge transfer.
The central bank is exploring innovative solutions to attract diaspora investment, including diaspora bonds, collective investment schemes, and tokenised investment products. Dr Asiama also encouraged fintech companies to leverage the Bank’s regulatory sandbox to design platforms that connect savings from abroad directly to Ghanaian investment opportunities.
Capital market deepening remains a priority, the Governor noted, as robust domestic debt and equity markets can reduce reliance on short-term capital inflows and strengthen resilience to global shocks.
Dr Asiama further outlined reforms in the foreign exchange market aimed at improving liquidity, transparency, and investor confidence. He said increased diaspora participation through formal channels would complement these reforms and provide more stable foreign exchange inflows.
To deepen engagement with the diaspora, the Bank of Ghana, in collaboration with the Ministry of Finance, will roll out a National Remittance Strategy and conduct a diaspora roadshow this year. The initiative seeks to transform social and cultural ties into sustainable economic value, positioning the diaspora as a bridge linking ideas, capital, and markets.
“Remittances can be more than transfers—they can become engines of growth. But this requires strong institutions, transparent frameworks, and collaboration among financial institutions, fintechs, development partners, and diaspora leaders,” Dr Asiama emphasised.
The decline in UK remittances presents both a challenge and an opportunity for Ghana to leverage diaspora capital to fuel investment-led growth.
