Wednesday, 30 March 2011

Constraints in the UK to Ghana Remittances Market

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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