Remittances into Ghana reached $14.5b by October 2011

Remittances from overseas into Ghana reached $14.5 billion from January to October 2011, according to the Bank of Ghana.

The central bank indicates that total inward transfers through the banks from January to October 2011 amounted to $14.5 billion, representing a growth of 48.3 per cent over the corresponding period of 2010.

Of the total transfers, it says, $1.6 billion accrued to individuals compared to $1.1 billion in October 2010.
In 2009, the Bank’s reports show that remittance inflows amounted to $1.6 billion, higher than the World Bank’s recorded $1.5 billion and almost 10 times the $114 million recorded by the International Monetary Fund (IMF).

At the end of 2010, remittances or private unrequited transfers (net) amounted to $2.12 billion, the World Bank Ghana Country office had told ghanabusinessnews.com.

By Emmanuel K. Dogbevi