Ghana Sees 43% Surge in Remittances, hits $6.6bn in 2024
Ghana recorded a significant rise in remittance inflows in 2024, reaching $6.6 billion—a remarkable 43% increase from the $4.6 billion recorded in 2023.
This growth highlights the critical role remittances play in bolstering Ghana’s economy, particularly during periods of financial uncertainty.
However, despite the increase in inflows, the cost of sending remittances remains a challenge. In the fourth quarter of 2023, the average cost to send $200 stood at 7.1%, far above the Sustainable Development Goal (SDG) target of 3%. Reducing these costs remains essential to maximizing the economic and social benefits of remittances for recipients.
To address issues within the sector, the Bank of Ghana (BoG) has launched an audit of remittance activities for the fourth quarter of 2024, covering the period from October 1 to December 31. The Central Bank announced this move in an official notice, outlining its objective to evaluate the remittance process, propose improvements to the regulatory framework, and ensure compliance with all relevant laws, including the Foreign Exchange Act, 2006 (Act 723).
The BoG emphasized the importance of full adherence by all market participants to regulatory requirements, reiterating its commitment to enhancing transparency, efficiency, and integrity in Ghana’s financial ecosystem.
Remittances remain a vital pillar of Ghana’s economic stability, providing a steady source of foreign exchange and supporting countless households across the country. The BoG’s actions are expected to further strengthen this critical sector and address existing inefficiencies.
