Ghana’s central bank on Tuesday called on the country’s diaspora in the United Kingdom to move beyond consumption-driven remittances and channel savings into long-term investment, as authorities seek to укреп macroeconomic stability and deepen domestic capital markets.
Speaking at the maiden London–Accra Diaspora Economic Growth Summit in Accra, Bank of Ghana Governor Johnson Pandit Asiama said remittances remain a vital source of foreign exchange but are still underutilised as a driver of productive growth.
“Diaspora inflows must be harnessed beyond consumption and deliberately channelled into sustainable investment that drives long-term growth,” Asiama said in prepared remarks at the event, hosted in partnership with the British High Commission.
The summit forms part of the wider London–Accra campaign, launched in July 2025 with London Mayor Sadiq Khan, aimed at strengthening economic ties between the two cities by leveraging the financial clout and skills of the British Ghanaian diaspora.
Asiama said the initiative aligns with the central bank’s mandate to preserve financial stability while supporting sustainable growth, particularly at a time of tighter global financial conditions and heightened vulnerability to external shocks.
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“In such an environment, stable foreign exchange inflows, resilient financial markets and diversified sources of long-term capital are critical to macroeconomic stability,” he said.
Remittances play a structurally important and countercyclical role in Ghana’s economy, helping to support household consumption, shore up the balance of payments and smooth periods of economic stress. But Asiama stressed that their potential impact could be far greater if channelled into investment.
Between January and September 2025, remittances from the United Kingdom accounted for 17.5 percent of Ghana’s total inflows, down sharply from 27.6 percent in the same period a year earlier, when the UK corridor contributed more than a quarter of all remittance receipts.
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The central bank believes there is “considerable scope” to scale up inflows from the UK through targeted policy measures and incentive-based frameworks, Asiama said, without giving dollar figures.
At present, much of diaspora money is used for consumption, housing or family support. Redirecting even a portion toward productive uses could help finance small and medium-sized enterprises, modernise agriculture and expand housing, while creating jobs through skills and knowledge transfer, he added.
The Bank of Ghana is working to strengthen payment systems and regulatory frameworks to ensure remittance flows remain efficient, transparent and supportive of foreign exchange market stability. But Asiama said the next phase of policy would focus on complementing remittances with structured, investment-oriented instruments.
These include potential diaspora bonds, collective investment schemes and other capital market products that would allow overseas Ghanaians to invest savings in productive sectors while earning transparent, well-regulated returns.
Capital market deepening is a key priority, the governor said, arguing that well-functioning debt and equity markets reduce reliance on volatile short-term flows and improve resilience to external shocks.
“The diaspora, with its familiarity with international financial markets and strong ties to Ghana, is uniquely positioned to support this agenda,” Asiama said, adding that diaspora investors can bring patient capital, credibility and confidence to the financial system.
The central bank is also pushing ahead with reforms to Ghana’s foreign exchange market to improve liquidity, transparency and price discovery. A more robust FX market would support trade, encourage investment and strengthen confidence among both domestic and foreign investors, he said.
Diaspora participation through formal channels and regulated investment vehicles could reinforce these reforms and broaden the base of stable FX inflows.
As regulator of banks, payment systems and foreign exchange markets, the Bank of Ghana sees itself as a convener, bringing together policymakers, financial institutions and diaspora investors to move from dialogue to implementation.
Over the course of 2026, the central bank plans to roll out targeted initiatives, including a National Remittance Strategy developed with the finance ministry and a Remittance Roadshow aimed at engaging the Ghanaian diaspora more broadly.
“In a rapidly changing global economic landscape, the role of the diaspora as a stabilising and catalytic force has never been more important,” Asiama said.
He urged development partners and diaspora leaders to work with authorities to transform remittances “from simple transfers into powerful engines of growth, resilience and shared prosperity,” arguing that deeper markets and stronger institutions are essential to building a more investment-driven future for Ghana.
