Banking and Finance Analyst, Dr. Richmond Atuahene has emphasized the immense economic value of remittances to Ghana, describing them as 'Super Gold'.
He made these remarks while speaking at the third edition of the Graphic Business/Stanbic Bank Breakfast Meeting held on Tuesday at the Labadi Beach Hotel.
Dr. Atuahene revealed that Ghana has generated an impressive $28.6 billion from remittances over the past decade, surpassing the $18.7 billion earned from cocoa and $7.6 billion from gold during the same period.
He further noted that even when combined, the revenue from gold and cocoa still falls short of remittances by $2.3 billion.
"This is why some of us refer to remittances as gold, super gold. If properly structured, captured, and integrated into the balance sheet, remittances could significantly boost Ghana’s economy, potentially positioning the country on par with places like Dubai," Dr. Atuahene stated.
He also pointed out a significant gap in the remittance figures reported by the Bank of Ghana compared to the World Bank.
While the central bank captured $28 billion in remittances, the World Bank’s data suggests a total of $36 billion, indicating that $8 billion remains unaccounted for.
Dr. Atuahene stressed the importance of better tracking and capturing these funds to fully realize their economic potential.
The breakfast meeting, held under the theme "The Remittance Ecosystem Impact on the Economy," brought together experts to discuss the crucial role of remittances in Ghana’s economic development.
The event focused on identifying practical solutions to harness the full potential of remittances as a key driver of economic growth.
Story by: Joshua Kwabena Smith
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