{"id":195565,"date":"2024-07-02T10:42:03","date_gmt":"2024-07-02T10:42:03","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/07\/02\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\/"},"modified":"2024-07-02T10:42:03","modified_gmt":"2024-07-02T10:42:03","slug":"remittance-flows-can-be-a-reliable-source-of-foreign-exchange","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/07\/02\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\/","title":{"rendered":"Remittance flows can be a reliable source of foreign exchange \u2013"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Ghana receives the second highest remittance inflows in Africa, the latest World Bank Migration and Development Brief has shown.<\/p>\n<p>Indeed, sub-Saharan Africa saw remittance flows reached US$54billion in 2023 while remittances to the country reached US$4.6billion, surpassed only by neighbouring Nigeria\u2019s US$19.5billion.<\/p>\n<p>The figure is marginally lower than the US$4.7billion recorded in 2022. In 2021, the value of remittances into the country stood at US$4.5billion. These funds play a crucial role in stabilising the nation\u2019s financial health.<\/p>\n<p>These inflows have been instrumental in mitigating the effects of food insecurity, drought, supply chain disruptions, floods and debt-servicing difficulties. Such economic challenges have been exacerbated by global geopolitical tensions, including the Russian invasion of Ukraine and the Israel-Gaza conflict.<\/p>\n<p>While foreign direct investment (FDI) flows have been dodgy, remittances have proven to be a more reliable source of foreign exchange for sub-Saharan Africa. In 2023 remittances to the region were nearly 1.5 times the size of FDI flows, which stood at US$38.6billion. The largest recipients included Nigeria, Ghana, Kenya and Zimbabwe.<\/p>\n<p>Ghana\u2019s dependence on remittances has become increasingly evident. These inflows not only support the current account but also provide a buffer against various economic shocks. For many Ghanaians, remittances from family members abroad represent a critical source of income.<\/p>\n<p>In fact, the report highlights the stabilising effect of these funds. However, the high cost of remittances remains a concern. Senders paid an average of 7.9 percent to send US$200 in 2023Q4, up from 7.4 percent in 2022Q4.<\/p>\n<p>Costs vary significantly, with some corridors charging as much as 36 percent. This underscores a need for more affordable and efficient remittance channels.<\/p>\n<p>Looking ahead, remittance growth to sub-Saharan Africa is projected to recover slightly, from a negative growth of -0.3 percent in 2023 to an anticipated 1.5 percent increase in 2024. However, several risks loom on the horizon \u2013 including potential economic slowdowns in developed countries, escalating conflicts and climate risks.<\/p>\n<p><strong>Source:\u00a0<\/strong>thebftonline.com<\/p>\n<p><!-- CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ghana receives the second highest remittance inflows in Africa, the latest World Bank Migration and Development Brief has shown. Indeed, sub-Saharan Africa saw remittance flows reached US$54billion in 2023 while remittances to the country reached US$4.6billion, surpassed only by neighbouring Nigeria\u2019s US$19.5billion. The figure is marginally lower than the US$4.7billion recorded in 2022. In 2021, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":195566,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-195565","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Remittance flows can be a reliable source of foreign exchange \u2013 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/07\/02\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Remittance flows can be a reliable source of foreign exchange \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Ghana receives the second highest remittance inflows in Africa, the latest World Bank Migration and Development Brief has shown. Indeed, sub-Saharan Africa saw remittance flows reached US$54billion in 2023 while remittances to the country reached US$4.6billion, surpassed only by neighbouring Nigeria\u2019s US$19.5billion. The figure is marginally lower than the US$4.7billion recorded in 2022. In 2021, [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ghanamma.com\/2024\/07\/02\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\/\" \/>\n<meta property=\"og:site_name\" content=\"Ghanamma.com\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-02T10:42:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ghanamma.com\/2024\/wp-content\/uploads\/2024\/07\/image-123.png\" \/>\n\t<meta property=\"og:image:width\" content=\"300\" \/>\n\t<meta property=\"og:image:height\" content=\"169\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Ghana News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ghana News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/07\\\/02\\\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/07\\\/02\\\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\\\/\"},\"author\":{\"name\":\"Ghana News\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#\\\/schema\\\/person\\\/c70749f3edfbfcd92d45e933f0fe10b5\"},\"headline\":\"Remittance flows can be a reliable source of foreign exchange \u2013\",\"datePublished\":\"2024-07-02T10:42:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/07\\\/02\\\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\\\/\"},\"wordCount\":328,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/07\\\/02\\\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/image-123.png\",\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/07\\\/02\\\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/07\\\/02\\\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\\\/\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/07\\\/02\\\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\\\/\",\"name\":\"Remittance flows can be a reliable source of foreign exchange \u2013 - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/07\\\/02\\\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/07\\\/02\\\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/image-123.png\",\"datePublished\":\"2024-07-02T10:42:03+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#\\\/schema\\\/person\\\/c70749f3edfbfcd92d45e933f0fe10b5\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/07\\\/02\\\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/07\\\/02\\\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/07\\\/02\\\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/image-123.png\",\"contentUrl\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/image-123.png\",\"width\":300,\"height\":169},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/07\\\/02\\\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Remittance flows can be a reliable source of foreign exchange \u2013\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#website\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/\",\"name\":\"Ghanamma.com\",\"description\":\"Ghana mma provides breaking news, top stories in Ghana, Africa, business, entertainment, politics and more.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#\\\/schema\\\/person\\\/c70749f3edfbfcd92d45e933f0fe10b5\",\"name\":\"Ghana News\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g\",\"caption\":\"Ghana News\"},\"sameAs\":[\"https:\\\/\\\/www.ghanamma.com\\\/2024\"],\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/author\\\/ghanamma\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Remittance flows can be a reliable source of foreign exchange \u2013 - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2024\/07\/02\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\/","og_locale":"en_US","og_type":"article","og_title":"Remittance flows can be a reliable source of foreign exchange \u2013 - Ghanamma.com","og_description":"Ghana receives the second highest remittance inflows in Africa, the latest World Bank Migration and Development Brief has shown. Indeed, sub-Saharan Africa saw remittance flows reached US$54billion in 2023 while remittances to the country reached US$4.6billion, surpassed only by neighbouring Nigeria\u2019s US$19.5billion. The figure is marginally lower than the US$4.7billion recorded in 2022. In 2021, [&hellip;]","og_url":"https:\/\/www.ghanamma.com\/2024\/07\/02\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\/","og_site_name":"Ghanamma.com","article_published_time":"2024-07-02T10:42:03+00:00","og_image":[{"width":300,"height":169,"url":"https:\/\/www.ghanamma.com\/2024\/wp-content\/uploads\/2024\/07\/image-123.png","type":"image\/png"}],"author":"Ghana News","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Ghana News","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.ghanamma.com\/2024\/07\/02\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\/#article","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2024\/07\/02\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\/"},"author":{"name":"Ghana News","@id":"https:\/\/www.ghanamma.com\/2024\/#\/schema\/person\/c70749f3edfbfcd92d45e933f0fe10b5"},"headline":"Remittance flows can be a reliable source of foreign exchange \u2013","datePublished":"2024-07-02T10:42:03+00:00","mainEntityOfPage":{"@id":"https:\/\/www.ghanamma.com\/2024\/07\/02\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\/"},"wordCount":328,"commentCount":0,"image":{"@id":"https:\/\/www.ghanamma.com\/2024\/07\/02\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\/#primaryimage"},"thumbnailUrl":"https:\/\/www.ghanamma.com\/2024\/wp-content\/uploads\/2024\/07\/image-123.png","articleSection":["Business"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.ghanamma.com\/2024\/07\/02\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.ghanamma.com\/2024\/07\/02\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\/","url":"https:\/\/www.ghanamma.com\/2024\/07\/02\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\/","name":"Remittance flows can be a reliable source of foreign exchange \u2013 - Ghanamma.com","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2024\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.ghanamma.com\/2024\/07\/02\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\/#primaryimage"},"image":{"@id":"https:\/\/www.ghanamma.com\/2024\/07\/02\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\/#primaryimage"},"thumbnailUrl":"https:\/\/www.ghanamma.com\/2024\/wp-content\/uploads\/2024\/07\/image-123.png","datePublished":"2024-07-02T10:42:03+00:00","author":{"@id":"https:\/\/www.ghanamma.com\/2024\/#\/schema\/person\/c70749f3edfbfcd92d45e933f0fe10b5"},"breadcrumb":{"@id":"https:\/\/www.ghanamma.com\/2024\/07\/02\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ghanamma.com\/2024\/07\/02\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ghanamma.com\/2024\/07\/02\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\/#primaryimage","url":"https:\/\/www.ghanamma.com\/2024\/wp-content\/uploads\/2024\/07\/image-123.png","contentUrl":"https:\/\/www.ghanamma.com\/2024\/wp-content\/uploads\/2024\/07\/image-123.png","width":300,"height":169},{"@type":"BreadcrumbList","@id":"https:\/\/www.ghanamma.com\/2024\/07\/02\/remittance-flows-can-be-a-reliable-source-of-foreign-exchange\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.ghanamma.com\/2024\/"},{"@type":"ListItem","position":2,"name":"Remittance flows can be a reliable source of foreign exchange \u2013"}]},{"@type":"WebSite","@id":"https:\/\/www.ghanamma.com\/2024\/#website","url":"https:\/\/www.ghanamma.com\/2024\/","name":"Ghanamma.com","description":"Ghana mma provides breaking news, top stories in Ghana, Africa, business, entertainment, politics and more.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ghanamma.com\/2024\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.ghanamma.com\/2024\/#\/schema\/person\/c70749f3edfbfcd92d45e933f0fe10b5","name":"Ghana News","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g","caption":"Ghana News"},"sameAs":["https:\/\/www.ghanamma.com\/2024"],"url":"https:\/\/www.ghanamma.com\/2024\/author\/ghanamma\/"}]}},"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/posts\/195565","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/comments?post=195565"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/posts\/195565\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/media\/195566"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/media?parent=195565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/categories?post=195565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/tags?post=195565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}