The Bank of Ghana is initiating a transformative approach to the management of diaspora remittances, aiming to convert these funds into a catalyst for sustainable economic advancement. This call for action was made by Dr. Johnson Asiama, the Governor of the Bank, during the recent London to Accra Economic Growth Summit.
Dr. Asiama underscored the need for remittances, often relied upon for immediate household expenditures, to be redirected towards impactful investments that could foster long-term economic benefits. He stated, “While diaspora contributions have historically supported consumer spending and overall economic stability, there is a vast potential for these funds to be utilized in ways that promote productive investment.”
The Governor pointed out the significant opportunities available for financing small and medium enterprises, enhancing housing infrastructure, modernizing agricultural practices, and creating job opportunities through skill development initiatives.
Since its inception in July 2025, the London to Accra initiative, championed by London Mayor Sir Sadiq Khan, has aimed to strengthen the bond between the two cities, facilitating the flow of ideas, markets, and capital. Dr. Asiama shared that from January to September 2025, remittances from the UK represented 17.5% of Ghana’s overall remittance inflow, which is a notable decline from 28% the previous year. This reduction highlights the necessity for targeted policies to elevate these financial flows.
In response to these challenges, the Bank of Ghana is designed to enhance remittance inflows through investment-oriented financial instruments such as diaspora bonds and collective investment schemes. Dr. Asiama emphasized, “Deepening our capital markets is crucial. Strong domestic debt and equity markets can lessen dependence on volatile short-term flows and bolster resilience against external economic shocks.”
Moreover, he acknowledged the role of fintech innovations in mobilizing funds from the diaspora, encouraging tech entrepreneurs to explore avenues like tokenization and diverse investment platforms.
Efforts are also underway to reform the foreign exchange market, aimed at improving liquidity and transparency, which would inspire confidence among both local and global investors. “Today’s summit is a vital opportunity to transition from mere discussions to actionable strategies, linking diaspora resources to investment avenues and fostering enduring financial stability,” Dr. Asiama remarked.
He urged collaboration among development partners, policymakers, and leaders within the diaspora to transform remittances from simple monetary transfers into powerful engines of growth, resilience, and shared prosperity. The summit is set to launch a series of strategic initiatives, including a national remittance strategy and continent-wide outreach programs designed to strengthen Ghana’s ties with its diaspora, enhancing economic stability in both Ghana and the UK.
