The Bank of Ghana (BoG) has urged commercial banks to develop dedicated investment products for Ghanaians living abroad as part of efforts to channel more diaspora remittances into savings and productive investments.
Governor Dr. Johnson Pandit Asiama says a recent Bank of Ghana survey of diaspora investment products across the banking industry found a significant gap in products specifically designed for the Ghanaian diaspora.
Addressing the Heads of Banks Meeting in Accra on Wednesday, the Governor said the findings broadly showed that banks currently lack dedicated, off-the-shelf investment products tailored specifically to the needs of Ghanaians abroad.
As a result, he said, remittances are largely moving through conventional transfer channels rather than being converted into structured savings, investment products and other vehicles capable of supporting economic development.
Dr. Asiama challenged banks to look beyond traditional money-transfer services and take advantage of the economic potential within Ghana’s remittance market.
He encouraged financial institutions to broaden their offerings to include bank-led investment products, mobile money solutions and digital remittance platforms that could provide the diaspora with more opportunities to invest funds in Ghana.
According to the Governor, creating such products could deepen financial intermediation while mobilising diaspora resources towards productive areas of the economy.
The Bank of Ghana, he disclosed, intends to work with relevant stakeholders to develop a national remittance strategy aimed at strengthening remittance flows and ensuring that a greater proportion of the funds entering the country are directed towards savings, investment and broader economic development.
Dr. Asiama said closing the existing gap would require collaboration among banks, regulators and other key stakeholders.
The Governor’s call signals a shift towards treating diaspora remittances not only as a source of household income and consumption support, but also as a potential pool of capital that can be mobilised to support Ghana’s development.
He urged banks to seize the opportunity by developing products that respond directly to the financial and investment needs of Ghanaians abroad.
