Remittance inflows from the United Kingdom to Ghana have declined to 17.5 per cent of total receipts, down from about 28 per cent during the same period in 2024, prompting renewed efforts by the Bank of Ghana (BoG) to channel diaspora funds into long-term, productive investments.

Governor of the Bank of Ghana, Dr Johnson Asiama, revealed this at the London–Accra Economic Growth Summit, noting that while the UK remains a key remittance corridor, the decline underscores the need for structured and incentive-driven engagement with the Ghanaian diaspora.

Dr Asiama explained that diaspora remittances have traditionally supported household consumption and bolstered Ghana’s balance of payments. “Remittances constitute a structurally important and counter-cyclical source of foreign exchange for Ghana, with the Ghanaian diaspora in the United Kingdom representing a major corridor,” he said.

Between January and September 2025, remittance inflows from the UK accounted for about 17.5 per cent of total receipts into Ghana, compared with 28 per cent in the same period of 2024, representing a significant drop in contribution from this key source.

The BoG Governor emphasised that strategically deployed diaspora funds could support small and medium-sized enterprises (SMEs), housing development, and agricultural modernisation, while creating sustainable employment opportunities through skills and knowledge transfer.

He also highlighted the Bank’s regulatory sandbox for fintech companies, encouraging innovation in financial solutions, including tokenised investment products, to directly link diaspora savings to investment opportunities in Ghana.

Dr Asiama concluded that redirecting diaspora remittances from consumption to productive investments is crucial for long-term economic growth and macroeconomic stability, particularly amid global uncertainty and tighter financial conditions.