Rebound in global economic activities likely to increase remittances by 16%
Remittances from abroad following a rebound in economic activities on the global market is likely to increase 16% this year.
This is according to the Managing Director of Zeepay, Andrew Takyi-Appiah.
According to him, more Ghanaians in the diaspora are getting new jobs as most countries begin to expand their economic activities after the COVID-19 pandemic.
Figures from the Bank of Ghana show that Ghana received remittances of 4.5 billion dollars in 2021.
Speaking to the media at a ceremony to mark International Day of Family Remittances, Mr. Takyi-Appiah was hopeful the funds will help in Ghana’s economic recovery agenda.
“There were concerns that during the period of the covid, remittances will drop but it rather increased and it will continue to increase. I am actually projecting another 10 to 16 percent increase,” he said.
Providing some bases for the forecast, Mr. Takyi-Appiah stated that there are many Ghanaians in for example the Caribbean who are increasing money transfer to relatives in Ghana.
In addition, he stated that government has advertised Ghana as a friendly and tourism destination—encouraging Ghanaians in the diaspora to see the country as a good place for investment.
“If you look at our people in the diaspora, their incomes are increasing and their wallet sizes are growing. President Akufo-Addo has also put in place measures to attract investors and the people in the diaspora are taking advantage of it”, he stressed.
Touching on security in the sector, Mr. Takyi-Appaih assured that Zeepay has a robust system that protects the processes in transferring money.
“Security is a function of your platform. As a market, we will continue to be ready. One thing that technology has done is that it has leapfrog us. We at Zeepay use the number security system in the world”, he said.
Keynote speaker at the event was British High Commissioner to Ghana, Harriet Thompson. Other speakers included Sampson Akligoh, who is the Director of Financial Sector Division at the Ministry of Finance, and Deputy Minister for Trade and Industry, Michael Okyere Baafi.
