Dr. Richmond Atuahene Highlights $28.6 Billion Remittance Contribution to Ghana’s Economy
Dr. Richmond Atuahene, a banking and finance analyst, has underscored the crucial role of remittances in Ghana’s economy, labeling it as “Super Gold.”
He highlighted that over the past decade, Ghana has accrued $28.6 billion in remittances, a figure that eclipses the nation’s earnings from cocoa and gold, which stood at $18.7 billion and $7.6 billion respectively.
“I describe remittances as ‘Super Gold’ because Ghana generated $28.6 billion from it over a 10-year period as compared to $18.7 billion from cocoa and $7.6 billion from gold,” Dr Atuahene remarked.
Dr. Atuahene’s remarks come at a time when the role of remittances in emerging economies is gaining increased attention. He argued that if these financial inflows were more effectively structured and integrated into Ghana’s formal financial system, they could become a cornerstone of the country’s economic strategy.
According to Dr. Atuahene, the potential of remittances remains underutilized, with significant disparities between the amounts recorded by Ghana’s central bank and those estimated by the World Bank.
While the World Bank estimates remittances to Ghana at $36 billion over the last decade, the Bank of Ghana’s records show only $28 billion—a gap that suggests substantial untracked inflows.
He further stressed that closing the tracking and reporting gap could unlock even greater economic potential, arguing that remittances, if fully captured, could propel Ghana’s economy closer to the levels of economic dynamism seen in places like Dubai.
Dr Atuahene made the remarks during the Graphic Business/Stanbic Bank Breakfast Meeting on Tuesday, August 20, 2024.
The event, held at Accra’s Labadi Beach Hotel, brought together industry experts to discuss the theme “The Remittance Ecosystem Impact on the Economy.”
The discussions focused on identifying practical solutions to maximize the benefits of remittances for Ghana’s economic development.
Dr Atuahene’s insights underscore the strategic importance of remittances, not just as a source of foreign exchange, but as a critical component of economic planning. As Ghana continues to grapple with the challenges of sustaining growth and managing currency depreciation, the potential of remittances, if harnessed properly, could offer a vital lifeline for economic resilience.
