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The director of diaspora affairs in the president's office said the government is engaging stakeholders in the financial services sector to help reduce the high costs of remittances.
According to Akwasi Awuah Ababio, the volume of remittances in Ghana is estimated at about $ 3 billion, which represents a huge revenue potential for the country, hence the need to reduce the heavy burdens on them. .
Mr. Ababio was speaking at the Regional Thematic Meeting of the African Union, Caribbean and Pacific in Accra.
He added that the government is undertaking advocacy and education activities to get the diaspora to transfer funds through official channels.
Although in sub-Saharan Africa remittances are increasing, the high cost of remittances is a major obstacle.
At present, sub-Saharan Africa has the highest cost for transfers, corresponding to 9.4% of the transfer amount, which is 29% higher than the world average in 2017 and the target of 3% set for ODD 10C.
According to the head of mission of the International Organization for Migration (IOM) in Ghana, Togo and Benin, Sylvia Lopez-Erka should make greater efforts to reach rural residents who are highly dependent on remittances. of funds.
She said that her group is doing a lot to ensure that remittances are transferred directly; However, there is a gap in reaching people in rural areas where people are not literate enough. In addition, additional efforts must be made to educate them.
She argued for transparency of the costs of transfers and the regulation of the transfer market, which could help reduce transfer costs.
For her part, Maria Piazza, program manager at the European Commission, stressed the need for regulations and policies to reap the benefits of remittances.
"The legislative framework is essential for regulating the use of remittances and there is a need to discuss implementation, which is essential for unlocking the potential of remittances," she said. .
Remittances to low- and middle-income countries increased by 8.5% in 2017 compared to 2016, reaching $ 466 billion.
The main recipients of remittances in sub-Saharan Africa in 2017 are Nigeria ($ 22 billion), Senegal ($ 2.2 billion), Ghana ($ 2.2 billion), Kenya (2.0 billions of dollars), Uganda (1.4 billion dollars) and Mali (1.0 billion dollars). These countries are expected to remain the main beneficiaries of the region in 2018 and 2019.
This new World Bank record is more than three times the size of official development badistance to low- and middle-income countries, to the exclusion of China.
Worldwide, remittances also reached $ 613 billion in the same year.
Launched in 2014, Action for Migration between Africa, the Caribbean, the Pacific and the EU provides technical support on migration to member countries in the areas of remittances, readmission and visas.
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