Governor urges banks to develop innovative diaspora investment products

Dr. Johnson Asiama, Governor of the Bank of Ghana (BoG), has called on commercial banks to create investment products that utilize diaspora remittances. The governor made this request during a meeting with bank executives, emphasizing the need to transform the flow of remittances into structured savings, bonds, and other investment vehicles.

A recent BoG survey revealed that banks lacked tailored products specifically for Ghanaians living abroad. Asiama urged banks to expand their offerings beyond basic money transfer services and develop bank-led investment programs to mobilize diaspora resources for national development. He also encouraged the adoption of mobile money solutions and digital remittance platforms to facilitate savings and investments for Ghanaians abroad.

The BoG is collaborating with stakeholders to devise a national remittance strategy aimed at increasing remittance flows and ensuring that a larger share supports savings, investments, and overall economic growth. Asiama urged banks to provide flexible credit options for small and medium-sized enterprises, particularly those involved in agriculture, by aligning loan repayment schedules with the seasonal cash flows of these businesses.

He emphasized the importance of robust monitoring and customer engagement systems to enhance compliance and confidence in banking services. The governor also advised banks to conduct thorough due diligence when partnering with digital credit providers and verify their licensing status with the BoG before establishing any collaborations.

Asiama stressed that the banking sector plays a critical role in translating economic gains into tangible benefits for businesses, households, and the wider economy. He assured banks that the BoG would continue to support the industry, address emerging challenges, and foster opportunities for growth, with the ultimate goal of building a stronger banking sector that contributes to sustainable economic development and a more resilient Ghanaian economy.