The Bank of Ghana (BoG) Governor, Dr. Johnson Pandit Asiama, has called on commercial banks to develop innovative products that channel remittances from Ghanaians abroad into savings and investment. This initiative aims to transform how diaspora funds contribute to Ghana's economic development. The Governor made this appeal during a meeting with chief executive officers and heads of banks on August 13, 2026.
Dr. Asiama noted that remittances primarily flow through basic transfer channels. This limits their conversion into structured savings products, bonds, and other investment vehicles. A recent BoG survey revealed that banks lack dedicated, off-the-shelf products specifically designed for Ghanaians living abroad. The Governor urged financial institutions to seize emerging economic opportunities.
This push aligns with Ghana's broader strategy to leverage external financial flows for domestic growth. Remittances represent a significant source of foreign exchange for the country. Enhancing their productive use can bolster national savings and investment rates, crucial for sustainable economic expansion. The BoG is actively working on a national remittance strategy to improve these flows.
“Banks must move beyond traditional money transfer services,” Dr. Asiama stated. He encouraged them to offer bank-led investment programmes to mobilise diaspora resources for national development. He also advised banks to use mobile money solutions and digital remittance platforms. This will make it easier for Ghanaians abroad to save and invest in Ghana.
The central bank's directive implies a shift towards more sophisticated financial offerings. Banks will need to innovate to attract diaspora funds into long-term investments. This could lead to new financial instruments tailored to the specific needs and risk appetites of Ghanaians living overseas. The BoG will continue to engage with the industry to address challenges and support growth.
Furthermore, Dr. Asiama urged banks to increase financing for small and medium-sized enterprises (SMEs). He specifically mentioned those operating along the agricultural value chain. Banks should develop flexible credit products that reflect the seasonal nature of agricultural production. Loan repayment schedules must align with borrowers’ cash flows.
The Governor also advised financial institutions to exercise greater due diligence with digital credit providers. They must verify licensing status with the BoG before forming partnerships. This ensures a stable and trustworthy financial ecosystem. The banking sector has a vital role in translating economic gains into tangible benefits for businesses and households.
The BoG's objective is to build a stronger banking sector. This sector must be capable of supporting sustainable economic growth. It will also contribute to a more resilient Ghanaian economy. The focus on diaspora investment and SME financing highlights key areas for national development.