The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has expressed confidence that the central bank’s annual remittance targets will be achieved for the year 2025.
Speaking at the 126th Monetary Policy Committee (MPC) press conference, Dr Asiama noted that banks had reported a noticeable decline in remittance inflows.
“Previously, these inflows played a significant role in supporting import financing, which in turn facilitated active interbank trading. During that period, the central bank’s intervention in the market was minimal. However, with the recent reduction in inflows, the dynamics have shifted,” he said.
He assured that the BoG has implemented measures to address the situation and that banks are beginning to record positive results.
“We are actively addressing this issue. About a month ago, we introduced a series of measures aimed at restoring remittance inflows, and we are beginning to see encouraging outcomes.
“Some Money Transfer Operators (MTOs) have started rerouting flows back into the country, which is a positive development. Our objective remains to strengthen interbank market activity and enhance liquidity,” Dr Asiama explained.
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Looking ahead, Dr Asiama expressed optimism about the measures taken, adding that the remittance targets for the year remain within reach.
“We remain optimistic that our annual remittance targets will be met. While the earlier appreciation of the cedi may have influenced inflows to some extent, the key point is that we have taken proactive steps to reverse the trend and ensure that remittances continue to support the broader economy,” he said.
ID/MA
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