Ghana Ranks Fourth in Remittance Inflows with $4.7 Billion
Ghana has secured the fourth position in the list of top recipients of remittance inflows, amounting to a total of $4.7 billion.
This is a significant achievement for Ghana, as it highlights the important role that remittances play in the country’s economy. Remittances are a major source of foreign exchange for Ghana, and they help to support millions of Ghanaians, both directly and indirectly.
The World Bank estimates that remittances to Ghana accounted for 6.1% of the country’s GDP in 2022. This makes remittances one of the largest sources of foreign exchange for Ghana, after gold and cocoa exports.
Remittances are also used to finance a wide range of activities in Ghana, including education, healthcare, housing, and investment. A study by the World Bank found that remittances have a positive impact on poverty reduction and economic growth in Ghana.
The fourth-place ranking for remittance inflows is a testament to the hard work and dedication of Ghanaians living abroad. Their remittances are helping to build a better future for Ghana and its people.
Here are some additional details that could be included in the news article:
- The top three recipients of remittance inflows in the world are India, Mexico, and China.
- Remittances to Ghana have been growing steadily in recent years, even during the COVID-19 pandemic.
- The majority of remittances to Ghana come from Ghanaians living in the United States, the United Kingdom, and Germany.
- Remittances play a vital role in the Ghanaian economy, supporting millions of Ghanaians and helping to reduce poverty.
- The Ghanaian government has taken steps to encourage the use of formal channels for remittances, such as banks and mobile money providers. This has helped to reduce the costs of sending and receiving remittances.