Turn Diaspora Remittances into Factories, Roads, and Jobs- BoG to Banks

The Bank of Ghana is pushing banks to transform the billions Ghana receives in diaspora remittances from “consumption money” into capital for business expansion and infrastructure.

Speaking at the Post-130th MPC Heads of Banks meeting on June 16, 2026, at Bank Square, Governor Dr Johnson Pandit Asiama said the BoG will work directly with banks to create investment-linked remittance products.

“In addition, the Bank of Ghana will be collaborating closely with product leads of banks and other stakeholders to strengthen channels that convert remittance inflows into productive investments.

“By creating innovative investment-linked remittance products, we can mobilise a larger share of these flows toward business expansion, infrastructure development, and long-term capital formation,” Dr Asiama stated.

Ghana’s external sector remains resilient, with the current account surplus hitting US$3.1 billion in Q1 2026, supported by strong gold and cocoa exports and stable remittance inflows.

However, the Governor said too much of that money ends up in short-term spending instead of building long-term assets.

The new plan is for banks to design products that allow Ghanaians abroad to invest remittances directly into businesses, housing, or infrastructure projects, rather than just sending cash for household upkeep.

Story by Hajara Fuseini

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