- Ghana's remittances surpass cocoa, oil, and gold revenue.
- Remittances generate $28.6 billion in 10 years.
- $5.6 billion gap in reported remittances.
- Remittances described as "super gold" for economic potential.
Dr. Richmond Atuahene, a renowned Banking and Finance analyst, has revealed that Ghana’s remittances have surpassed the revenue generated from cocoa, oil, and gold. According to him, the country has generated $28.6 billion from remittances over a 10-year period, compared to $18.7 billion from cocoa and $7.6 billion from gold.
Speaking at the third edition of the Graphic Business/Stanbic Bank Breakfast Meeting, Dr. Atuahene emphasized that remittances have become a significant source of revenue for Ghana. He noted that even if the revenue generated from gold is added to that of cocoa, remittances will still top, leaving a gap of $2.3 billion.
Dr. Atuahene described remittances as “super gold” due to its potential to support the economy if well-structured and captured. He stressed that if remittances are properly traced and captured, Ghana’s economy will benefit significantly.
The comment comes on the heels of a World Bank report that estimated $27.6 billion worth of remittances flowed into Ghana’s economy between 2016 and 2022. However, the Auditor General’s reports on the Bank of Ghana’s consolidated statements of foreign exchange receipts and payments within the same period accounted for only $22 billion, leaving a gap of $5.6 billion.
Dr. Atuahene pointed out that the country would have earned more if these remittances were well-traced and captured. He emphasized the need for proper tracking and documentation of remittances to ensure that the country benefits fully from this significant source of revenue.
The Banking and Finance analyst also noted that remittances have become a crucial component of Ghana’s economy, surpassing traditional export commodities like cocoa and gold. He stressed that this trend is expected to continue, given the growing number of Ghanaians living and working abroad.
Dr. Atuahene’s comments highlight the importance of remittances in supporting Ghana’s economy. He emphasized that with proper management and capture, remittances can play a significant role in driving economic growth and development.
The Graphic Business/Stanbic Bank Breakfast Meeting provided a platform for stakeholders to discuss the significance of remittances in Ghana’s economy. Dr. Atuahene’s presentation shed light on the potential of remittances to support Ghana’s economic development.
In conclusion, Dr. Atuahene’s revelation highlights the need for Ghana to prioritize the proper tracking and documentation of remittances. By doing so, the country can maximize the benefits of this significant source of revenue and drive economic growth and development.
The event was attended by stakeholders from various sectors, including banking, finance, and government. The discussion on remittances and their impact on Ghana’s economy was insightful and thought-provoking, highlighting the need for collective action to maximize the benefits of remittances.
