Virginia: The Bank of Ghana (BoG) has encouraged Ghanaians living abroad to allocate more of their remittances to business and development projects rather than primarily for consumption. This initiative seeks to unlock the full economic value of remittances to bolster growth and stability.
According to Ghana News Agency, Dr. Johnson Pandit Asiama, Governor of the BoG, made this appeal during the 'Central Bank Bridge: Remit2Invest' diaspora roundtable in Virginia, which took place alongside the 2026 IMF/World Bank Spring Meetings. He noted that while remittances have played a crucial role in supporting households, education, and the balance of payments, their impact could be more significant if directed towards productive investments.
In 2025, Ghana received approximately US$7.8 billion in remittances, making it a vital source of foreign exchange for the country. Dr. Asiama emphasized that diaspora inflows have historically supported household consumption and macroeconomic stability. Still, they hold even greater potential as drivers of productive investment. He identified sectors such as small and medium-sized enterprises, housing, agriculture, and youth employment as areas where diaspora funds could make a substantial impact.
Dr. Asiama highlighted that the Central Bank is implementing measures to make it easier and more attractive for diaspora investors to commit funds to long-term ventures. These measures include reforms to enhance transparency in the foreign exchange market, strengthening payment systems, and updating regulations to ensure efficiency and investor protection.
A National Remittance Strategy is being developed in collaboration with the Ministry of Finance to guide efforts to better harness diaspora funds. This strategy will be complemented by a planned roadshow to engage Ghanaians abroad. Dr. Asiama explained that these initiatives are designed to complement the Bank's recently issued regulatory guidelines for International Money Transfer Operators, which aim to tighten oversight of inward remittances and enhance consumer protection.
The BoG Governor also called for increased collaboration among banks, fintech companies, development partners, and diaspora groups to develop competitive investment options. He stated that the summit provides an essential platform to transition from dialogue to implementation, linking diaspora capital to investment opportunities and supporting long-term financial stability.
Ambassador Jane Gasu Aheto, Deputy Head of Mission at Ghana's Embassy in Washington, DC, reaffirmed the Government's commitment to creating a conducive environment for diaspora investments. She expressed confidence that the Remit2Invest initiative would help redirect remittances into entrepreneurship, infrastructure, and small business development, assuring investors of the safety of their funds. By aligning remittances with strategic investment opportunities, the initiative aims to accelerate Ghana's journey towards inclusive and sustainable development.