Ghana: Remittances - Viable Source of Investment Capital for Dev't

Ghanaian Chronicle (Accra)

2 August 2007
Posted to the web 2 August 2007

Daniel Nonor

A NATIONAL policy on migration has been identified as an integral aspect in harnessing the full potentials of remittances, which constitute the second largest capital inflow to the development of the country.

According to World Bank figures, private inward transfer from non -governmental organizations, individuals and other institutions through the bank of Ghana and other financial institutions, as at January to November 2006, stood at $4.25billion, making the largest source of foreign exchange into the country. Additionally figures released by the central bank as remittances for the first quarter of 2007 also indicated $1.52 billion representing an increase of about 17.1% over the same period last year.

The Minister of Finance, Hon Kwadwo Baah Wiredu at a discourse meeting jointly organized by the United Nations Development Programme, the Ministry of Finance and Economic Planning and the Private Enterprise Foundation on finding options for harnessing the development potential of migration in achieving the Millennium Development Goals, reiterated that increases in remittances over the years has played a pivotal role in the socio-economic development of the country. [Read more]