Ghana and the UK have had long relations dating back to
pre-colonial times and another peak of the close ties would be next
week’s football friendly between Ghana and England in Wembley.
Also, exports from Ghana to the UK had grown by 38 per cent since
2004, and remittance flows to Ghana have tripled in the last 10 years.
However, although the remittance flow was competitively priced it
was not making the most of available technologies, such as using
mobile phones for money transfers.
“Many of the new remittance products are reliant on the recipient
holding a bank account, which is not always the case in Ghana,” a
statement by DFID in Accra said.
“Changes in regulation in Ghana would help, as current rules
restrict the options for payout networks,” said the report, which
proposed improvements to the UK to Ghana money transfer systems.
It concluded that remittances would continue to be important for
Ghana, and that actions should be taken to maximise the benefits that
they could bring.
The report, Constraints in the UK to Ghana Remittances Market –
Survey Analysis and Policy Recommendations – was produced for DFID by
Developing Markets Associates.
The survey was conducted on 160 Ghanaians living in the UK, to
understand their remittance habits, aspirations and market
experience(s).
Interviews were conducted with 10 leading Remittance Service
Providers to understand the market-players’ perspectives and
experience of operating in the UK and Ghana.
The DFID statement quoted Pat Torto, a remitter to Ghana since
the 1970s, as saying “I generally use the same service regularly which
is local and reliable, although when I travel home I take money with
me to exchange in Ghana. Whilst I am happy with my service in the UK,
I would think about switching if a cheaper, more convenient service
came on the market.”
Originally posted here:
DFID Launches Report On UK To Ghana Remittances