BoG urges banks to develop investment products for Ghanaian diaspora

The Bank of Ghana (BoG) has called upon commercial banks to capitalize on the increasing potential of remittances by designing tailored savings and investment products for Ghanaians residing overseas. Governor Dr. Johnson Asiama revealed that a recent survey conducted by the central bank disclosed that banks presently lack specialized, ready-made investment products explicitly crafted to cater to the requirements of the Ghanaian diaspora.

According to the governor, the lack of such products results in remittances continuing to flow primarily through rudimentary money transfer channels rather than being channeled into structured savings, bonds, or other investment vehicles.

Expressing his concerns during interactions with Chief Executive Officers and heads of banks, Dr. Asiama urged the financial institutions to expand their offerings beyond conventional transfer services to encompass bank-led investment products, mobile money solutions, and digital remittance platforms. He emphasized that broadening the product range available to the diaspora could deepen financial intermediation and mobilize more funds for productive investment within the Ghanaian economy.

The governor also revealed that the Bank of Ghana remains committed to collaborating with relevant stakeholders to formulate a national remittance strategy. This strategy aims to stimulate remittance flows into the country while ensuring that a larger share of these inflows is directed towards savings, investments, and broader economic development.