The Bank of Ghana (BoG) has urged commercial banks to take advantage of the growing potential of remittances by developing dedicated savings and investment products for Ghanaians living abroad.

Governor of the Bank of Ghana, Dr. Johnson Asiama, said a recent survey conducted by the central bank found that banks currently do not have dedicated, off-the-shelf investment products specifically designed to meet the needs of the Ghanaian diaspora.

According to him, the absence of such products means remittances continue to flow largely through basic money transfer channels instead of being channelled into structured savings, investments and other productive financial instruments.

“The findings broadly indicate that banks currently do not have dedicated off-the-shelf investment products, products specifically designed to meet the needs of the Ghanaian diaspora,” Dr. Asiama said.

“As a result, remittances continue to flow largely through basic transfer channels rather than being channelled into structured savings products, bonds or other investment vehicles,” he added.

The Governor was speaking when he engaged Chief Executive Officers and heads of banks as part of efforts to strengthen collaboration between the Bank of Ghana and the banking industry.

Dr. Asiama said banks must look beyond their traditional role of facilitating remittance transfers and develop products that can attract a greater share of diaspora funds into Ghana’s financial system.

“I want to urge banks to take advantage of the significant potential within the remittance space by broadening their offerings beyond traditional transfer services to include bank-led investment products, mobile money solutions and digital remittance platforms,” he said.

He explained that expanding the range of products available to the diaspora could help deepen financial intermediation and mobilise more funds for productive investment in the Ghanaian economy.

“This presents an opportunity to deepen financial intermediation and mobilise diaspora funds for productive investment in the Ghanaian economy,” Dr. Asiama noted.

The Governor disclosed that the Bank of Ghana remains committed to working with relevant stakeholders to develop a national remittance strategy.

He said the strategy would seek to enhance remittance flows into Ghana while ensuring that a greater proportion of these inflows is directed towards savings, investments and broader economic development.

“The Bank of Ghana remains committed to working with relevant stakeholders to develop a national remittance strategy, a strategy that's aimed at enhancing remittance flows into the economy and ensuring that a greater proportion of these inflows are channelled towards savings, investments and broader economic development,” Dr. Asiama said.