The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has expressed optimism that the central bank will meet its annual remittance targets for 2025, despite a recent slowdown in inflows.

Speaking at the 126th Monetary Policy Committee (MPC) press conference, Dr Asiama acknowledged that commercial banks had reported a decline in remittance inflows, which previously played a crucial role in supporting import financing and sustaining interbank market activity.

“Previously, these inflows were vital in financing imports and keeping interbank trading active. During that time, the central bank’s intervention in the market was minimal. However, with the recent decline in inflows, the dynamics have changed,” he explained.

The Governor assured that the Bank of Ghana has taken decisive measures to address the situation, and early signs point to improvement.

“We are actively working to restore remittance inflows. About a month ago, we rolled out several interventions, and we are now beginning to see positive outcomes. Some Money Transfer Operators (MTOs) have started rerouting flows back into the country, which is encouraging,” he said.

Dr Asiama added that the central bank’s goal is to revitalize interbank market activity and strengthen overall liquidity.

Looking ahead, he maintained a positive outlook for the year, emphasizing that the BoG remains on course to achieve its remittance objectives.

“We are confident that our annual remittance targets will be met. While the earlier appreciation of the cedi may have affected inflows temporarily, we have taken proactive steps to reverse the trend and ensure that remittances continue to support the wider economy,” he stated.

The Governor’s remarks reaffirm the BoG’s commitment to maintaining stability in the foreign exchange market and ensuring that remittance flows continue to play a vital role in Ghana’s economic resilience.