The true volume of remittances from Ghanaians in the Diaspora in 2023 reached an estimated $7.4 billion in 2023 according to the Ghlobal Diaspora Council. In a statement released by the Civil Society Organization with delegated representatives from 36 countries across the globe, Ghlobal urged the Ghana government to reciprocate contributions from the nations Diaspora with meaningful policy overtures to open up more resources from Ghanaians in the Diaspora.
According to World Bank figures, Ghana “recorded $4.6 billion in remittance receipts in 2023.” However, a survey from Ghlobal suggests that amount represents only 61.9% of all remittances. In that survey, 43.4% of respondents said they used “formal means that the financial systems can track and record.” While only 8.2% said they use “informal means that the financial systems cannot track and record, another 36.9% said they use “a fair balance of both” methods. Finally 11.5% said they use “other” means to remit money home.
Per the results of this survey, 61.9% of respondents (43.4% plus half of 36.9%) use formal means of remittances that can be recorded by the financial systems, which the World Bank pegged at $4.6 billion in 2023. The remaining 38.1% represents another $2.8 billion. “This survey presents some stunning revelations about Diaspora remittances that were hidden until now,” said Dr. Franklyn Abraham, Chairman of Ghlobal’s Finance Committee.
In a statement to Ghlobal News, Jermaine Nkrumah, co-founder and Chairman of Ghlobal reiterated his belief that the Ghanaian Diaspora represents a cache of resources that Ghana must tap into to aid her developmental agenda. “Ghana doesn’t know what she is missing by failing to fully mobilize her Diaspora,” Nkrumah said. “With the right policy overtures to her Diaspora, Ghana may not need the IMF again for a while.”
