Private remittances to Ghana equals $10b by July 2011

Private inward transfers into through the banks amounted to $9.97 billion, the governor of the Bank of Ghana says.

According to Mr. Kwesi Amissah-Arthur, the remittances were made from January to July 2011 and $1.13 billion or 11.3 per cent of the total accrued to individuals.

He told reporters in Accra that the total transfers represent an annual growth of 53.4 per cent over the $6.5 billion transferred during the corresponding period in 2010.

Total purchases of foreign exchange by Deposit Money Banks and Forex Bureaux, amounted to $5.97 billion between January and July 2011, he says.

The sales of foreign exchange during the period, Mr. Amissah-Arthur says were $5.89 billion.  He puts total transactions (both purchases and sales) on the foreign exchange market at $11.86 billion at the end of July 2011, compared with $7.93 billion over the same period in 2010.

By Emmanuel K. Dogbevi