The highly anticipated effects of the global financial meltdown on the inflow of foreign remittances into Ghana has not yet happened, according to the Monetary Policy Committee (MPC) of the Bank of Ghana.
When the globe started feeling the effects of the financial crisis started in the United States of America, some of the fears were that Ghana would be affected in the area of foreign remittances into the country. Ghana’s economy depends heavily on remittances by Ghanaians abroad to families back home.
As many in the developed world lost jobs, the ripple effects of job losses by Ghanaians abroad was projected to translate into a drop in remittances, but at a press conference addressed by the Governor of the country’s central bank on Tuesday February 24, 2009, Dr. Paul Acquah, who is also the chairman of the MPC, the indications were not as feared.
Remittances into Ghana has increased and not decreased as projected. Read more
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