Over the past decade, remittances have had a significant impact on the economy of Ghana. According to the Bank of Ghana (BoG), remittances to Ghana have increased from about $450 million in 1999 to $1.8 billion in 2009, equivalent to 11% of GDP and exceeding Official Development Assistance. Increasing the
flow of remittances, reducing the cost of these migrant money transfers and encouraging the flow of more formal remittances holds significant importance for Ghana’s economic development.
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