Ghanaians living and working abroad have become significant forces in shaping the future of both their host country and back home in Ghana. Their vast knowledge, skills and investments are invaluable in propelling economic progress and social development in their communities back home.
In 2022, personal remittances sent to Ghana amounted to $4.7 billion, constituting 6.1% of its GDP. This inflow of capital from abroad continues to be a significant driver of Ghana’s economic expansion. The magnitude of these remittances owes much to Ghana’s broad and well–dispersed diaspora, and the country’s widespread adoption of digital technologies.
According to a study published by the World Bank low-income households in Ghana that receive remittances showed improved quality of life, as their income status changed dramatically. Moreover, remittances have played a crucial role in increasing financial inclusion rates in the country. Financial sector actors are now working towards expanding access and lowering costs of digital remittances to Ghana.
This has been particularly impactful to Ghanaians living in rural areas who might not have access to affordable financial services. For many, gaining access to low-cost formal, reliable, and timely remittance services is essential to cover basic expenditures.
Yet the contribution of Ghanaian migrants is not just limited to remittances, the knowledge and expertise gained from working in some of the world’s most advanced countries help transform economies.
This is in addition to the potential of diaspora communities to provide access to foreign capital markets, unlocking vital sources of funding that can power large-scale projects and spur economic development. With their networks of contacts and expertise, the Ghanaian diaspora is uniquely positioned to facilitate connections that help bridge the gap between local entrepreneurs and global investors.
As such, international money transfer service, WorldRemit understands the critical position of the Ghanaian diaspora and has made investments to support their contribution to the country’s development. By facilitating quick and secure money transfers, WorldRemit provides a unique link between the country’s diaspora and their families at home.
Funds are either ready for collection in local and foreign currencies in cash pick-up locations across the country or added to the recipient’s bank or mobile money accounts.
Darryl Pietersen, Director of Anglophone Africa, WorldRemit says: “WorldRemit enables recipients to access funds swiftly for their pressing needs, such as medical care and school fees. We are committed to improving our technologies and investing in innovations. By supporting the contributions of Overseas Ghanaian Workers, we hope to play a crucial role in catalysing the nation’s evolution towards growth and prosperity.”
We’re a leading global payments company and, along with Sendwave, part of Zepz, a group powering two global payments brands. We disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower-cost. We currently send from 50 countries to recipients in 130 countries, operate in more than 5,000 money transfer corridors worldwide and employ over 1,200 people globally.
On the sending side WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.
Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, United Kingdom with regional offices around the globe. www.worldremit.com
The writer is Director of Anglophone Africa, WorldRemit.