Remittances from the United Kingdom remain a key source of foreign exchange for Ghana, but new data from the Bank of Ghana (BoG) indicates that inflows from the corridor are slowing — a trend authorities say must be addressed through targeted policies and strategic deployment of diaspora funds.

Between January and September 2025, remittances from the UK accounted for about 17.5% of total inflows into Ghana, according to the central bank. While still significant, this marks a notable decline from the same period in 2024, when the UK corridor contributed roughly 28%, representing more than a quarter of all remittance receipts.

Speaking at the London–Accra Economic Growth Summit held at Bank Square in Accra, BoG Governor Dr. Johnson Asiama emphasised the importance of diaspora inflows while calling for a shift in how they are utilised.

“Diaspora inflows must be harnessed beyond consumption and deliberately channelled into sustainable investment — investment that drives long-term growth,” Dr. Asiama said.

The Governor acknowledged that remittances currently play a vital role in supporting household consumption, strengthening Ghana’s balance of payments, and enhancing macroeconomic stability. However, he stressed that their full economic potential remains largely untapped.

“Beyond consumption, remittances hold even greater potential as a driver of productive investment,” he noted.

Dr. Asiama explained that when strategically deployed, diaspora funds can finance small and medium-sized enterprises, expand housing supply, modernise agriculture, and create sustainable employment opportunities for young people through structured knowledge and skills transfer programmes.

He described remittances as a “structurally important and counter-cyclical source of foreign exchange” for Ghana, particularly at a time of volatile global capital flows.

Despite the recent decline, the Governor said there is “considerable scope to scale up remittance inflows from the UK” through well-targeted policy measures and incentive frameworks.

He added that the Bank of Ghana is strengthening payment systems and regulatory frameworks to ensure remittance flows remain efficient, transparent, and supportive of foreign exchange market stability — positioning diaspora capital not just as a safety net, but as a long-term engine for economic growth.