By Benjamin Nii Nai Anyetei
Remittances from the United Kingdom remain a critical source of foreign exchange for Ghana, but new data from the Bank of Ghana (BoG) shows a significant decline in inflows from the UK, prompting renewed calls for diaspora funds to be strategically channelled into national development.
Between January and September 2025, remittances from the UK accounted for about 17.5% of total inflows into Ghana, down sharply from 28% over the same period in 2024, when the UK contributed more than a quarter of all remittance receipts.
Speaking at the London–Accra Economic Growth Summit at Bank Square in Accra, the Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, underscored the need to move beyond the use of diaspora funds for household consumption and instead harness them as a catalyst for sustainable investment and long-term economic growth.
“Diaspora inflows must be harnessed beyond consumption and deliberately channelled into sustainable investment that drives long-term growth,” Dr Asiama said.
He acknowledged that while remittances play an important role in supporting household spending, strengthening Ghana’s balance of payments and enhancing macroeconomic stability, their full economic potential remains underutilised.
Dr Asiama highlighted opportunities for directing diaspora funds into key sectors such as small and medium-sized enterprises (SMEs), housing development, agricultural modernisation and youth employment initiatives, including structured knowledge and skills transfer programmes.
Describing remittances as a “structurally important and counter-cyclical source of foreign exchange”, he noted their relevance at a time of volatile global capital flows. He added that despite the recent decline in UK inflows, there is significant scope to increase remittances through targeted policies and incentive frameworks.
The Governor said the Bank of Ghana is strengthening payment systems and regulatory frameworks to ensure remittance flows are efficient, transparent and supportive of foreign exchange stability. He stressed that positioning diaspora capital as more than a financial safety net could transform it into a long-term engine of economic growth.
The Bank of Ghana continues to encourage members of the diaspora to invest strategically in the country, as part of broader efforts to leverage remittance inflows for economic transformation while safeguarding macroeconomic stability.
