"Over $5bn in remittances expected to ease Ghana\u2019s forex pressure in 2023"

" Over $5bn in remittances expected to ease Ghana\u2019s forex pressure in 2023 \r\n\r\nThe pressure on Ghana\u2019s forex is expected to ease with an expected $5 billion in remittances for 2023, following a $4.7 billion inflow of remittances in 2022.\r\n\r\nThe remittance for next year, together with the IMF $3bn loan-support programme, is expected to contribute to efforts by the Government to have a stable economy and increased macroeconomic confidence.\r\n\r\nMr Darryl Mawutor Abraham, the Growth Director in charge of Africa for Tap Tap Send, a remittance company, said this in an interview with the Ghana News Agency.\r\n\r\nThe company celebrated the Christmas with families who received money through them by giving locally produced rice and cooking oil to about 1,000 families who received remittances through the company.\r\n\r\nMr Mawutor was confident that the financial technology (fintech) sector would still be strong in 2023 and said: \u201cI\u2019m forecasting that the amount of remittances coming into the country would grow from $4.7 billion this year to $5 billion next year.\u201d\u00a0 \r\n\r\nHe said the 4.4 per cent growth in remittances for 2022, per data by the World Bank Migration and Development Brief, which made Ghana, the second largest recipient of remittance in Africa would grow in 2023.\r\n\r\n \u201cWe believe that every Ghanaian in the diaspora, if they choose to use Tap Tap Send, and other remittance platforms, we can hit this big, massive figure for Ghana, and it would help meet our foreign exchange needs,\u201d he added.\r\n\r\nMr Mawutor, therefore, called for a stronger collaboration between the Bank of Ghana (BoG) and all sector players to ensure that Ghana earned more foreign exchange next year, noting that: \u201cThis would massively change the economy.\u201d\u00a0\u00a0\u00a0\u00a0 \r\n\r\nHe said: \u201cThis would make the IMF not that bad because it would ease the pressure on the Cedi and the pressure on the economy and make the Government to find some money to improve not only the economy\u2019s health, but the life of everyone.\u201d\u00a0 \r\n\r\nOn the issue of some remittance companies short-changing the Government in terms of revenue, the Growth Director said the Central Bank had put together a regulatory framework to make Ghana get what it was due.\r\n\r\nHe said that the Fintech and Innovation Office of the Bank granted licenses to fintech, remittance and consulting firms, worked with third parties and monitored their operations within the sector to make monies pass through banks.\r\n\r\nHe said: \u201c All our foreign entry inflows are still being seen and going through an arm of the Bank of Ghana regulators. Now, it is up to them to work out how they can make some revenue from that source.\u201d\u00a0\u00a0\u00a0 \r\n\r\nMr Wawutor, then cautioned against putting tax on remittance, saying: \u201cAny tax on remittance would lead to people sending less. If people send less, there would be less foreign exchange in the country and there would be little foreign capital, which would negatively impact the economy.\u201d\u00a0 \u00a0 \r\n\r\nThe Growth Director for Tap Tap Send, then asked the Government to come up with innovative ways to make commercial banks and license holders thrive and build a system to make some revenue from there.\r\n\r\nHe expressed their willingness to support the Government to ensure that more revenue was generated to support national development and improve the livelihoods of the people.\r\n\r\nRegarding the celebration of the festive season with their customers, Mr Mawutor said: \u201cWe\u2019ve lots of loyal customers who send money through us every time, so, we\u2019re saying thank you to them by helping them celebrate Christmas better by providing them with some items for their loved ones in Ghana.\u201d\r\n\r\nMadam Oforiwaa Yartey, who received a package of rice and cooking oil, told GNA that she was happy because it was the first time in more than five years that a company had made such a gesture.\r\n "

"Over $5bn in remittances expected to ease Ghana\u2019s forex pressure in 2023"

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