BoG urges banks to develop investment products for Ghanaian diaspora

The Bank of Ghana (BoG) has called on commercial banks to capitalize on the rising potential of remittances by creating tailored savings and investment products for Ghanaians residing overseas. Bank of Ghana Governor Dr. Johnson Asiama revealed that a recent survey conducted by the central bank showed that banks presently lack specialized investment products tailored to cater to the needs of the Ghanaian diaspora.

According to Dr. Asiama, this absence means that remittances continue to flow predominantly through simple money transfer channels, rather than being channeled into structured savings, investments, and other productive financial instruments.

During discussions with Bank of Ghana's Chief Executive Officers and bank officials, Dr. Asiama emphasized the importance of banks moving beyond their conventional role of managing remittance transfers and developing products that can attract a larger share of diaspora funds into Ghana's financial system. He urged banks to broaden their product offerings beyond conventional transfer services to include bank-led investment products, mobile money solutions, and digital remittance platforms.

Dr. Asiama believes that expanding the range of products available to the diaspora could deepen financial intermediation and mobilize more funds for productive investment in the Ghanaian economy.

The Bank of Ghana is committed to collaborating with stakeholders to develop a national remittance strategy, which aims to increase remittance flows into the country while ensuring that a greater portion of these inflows is directed towards savings, investments, and overall economic development.