Remittances Rebound Strongly as BoG Data Contradicts Earlier 50% Decline Warning

Ghana’s remittance inflows — one of the country’s most reliable sources of foreign exchange — have staged a powerful and unexpected comeback, sharply contradicting the Bank of Ghana Governor’s earlier warning that inflows had crashed by nearly half.

In August 2025, Governor Dr. Johnson Asiama made headlines after announcing a near 50% collapse in remittances, attributing the decline to the cedi’s extraordinary appreciation. But newly released figures from the central bank’s November 2025 Summary of Economic and Financial Data now paint a very different picture: not only did remittances recover — they surged dramatically.

The data overturns months of speculation, reshaping the narrative around private transfers and raising important questions about how Ghanaians abroad respond to currency shifts.

Data Shows a Strong Rebound, Not a Prolonged Decline

Contrary to fears that the earlier decline signaled a long-term slowdown, Bank of Ghana’s updated data reveals a rapid and sustained rebound:

• $1.87 billion — March 2025

• $3.93 billion — June 2025

• $5.98 billion — September 2025

This upward trend is not only clear and consistent — it is strong enough to place Ghana on track to surpass the $7.1 billion received for the entire year 2024.

The numbers directly contradict the Governor’s August claim that remittances had collapsed due to the stronger cedi.

Instead, the data suggests that the earlier dip was temporary, behavioural, and seasonal, rather than the beginning of a sustained collapse.

Why the Earlier Dip Happened — And Why It Was Short-Lived

When the cedi surged rapidly — gaining:

• 40%+ against the US dollar,

• 31% against the British pound,

• 24% against the euro,

— many migrants paused to reassess value, timing, and expectations.

The Governor rightly noted that Ghanaians abroad became cautious, especially those financing construction projects or handling long-term remittance commitments.

But such behavioural pauses are not unusual. Inflows often soften temporarily during periods of:

• sharp currency appreciation,

• exchange-rate uncertainty,

• policy announcements or reforms,

• global market volatility.

Once the cedi’s appreciation moderated and markets stabilized, migrants resumed sending money — and much more of it.

Remittances Now Strengthening Ghana’s External Position

Beyond household support, remittances play a critical role in national macroeconomic stability.

According to the BoG’s latest external sector indicators, Ghana recorded a current account surplus of $3.83 billion by September 2025, supported heavily by:

• Rising remittances

• Strong gold export earnings

• Improving terms of trade

This stronger external position is a welcome buffer at a time when Ghana continues to navigate reforms, debt restructuring, and liquidity constraints.

A Resilient Diaspora That Continues to Power the Economy

The rebound reflects the enduring commitment of Ghanaians abroad despite economic uncertainties in both Ghana and global markets.

Remittances remain vital because they:

• Support household consumption

• Reduce poverty

• Fund education and health

• Provide foreign exchange

• Cushion shocks in rural and urban communities

• Strengthen Ghana’s broader economic stability

Even during periods of volatility, the Ghanaian diaspora has shown extraordinary resilience — an economic engine that continues to provide strength when the domestic environment falters.

The near-50% decline mentioned in August was real, but temporary. The broader story is one of recovery, resilience, and renewed confidence.

The latest data shows clearly: Ghana’s remittance engine did not just recover — it accelerated.

Source: Accra Street Journal

Last Updated on March 9, 2026 by Samuel Kwame Boadu

Samuel Kwame Boadu

Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.

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