Remittances through banks in Ghana hit $2.9b first two months of 2012

An amount of $2.9 billion passed through banks in Ghana as remittances within the first two months of 2012.

According to the Bank of Ghana who disclosed this in its Monetary Policy Committee (MPC) report April 13, 2012 the amount represented a year on year growth of 10.6%.

“Total inward remittances through the banking system for the first two months of 2012 amounted to $2.9 billion, representing a year on year growth of 10.6%,” the report said.

Transfers to individuals, the central bank indicated accounted for $311.6 million constituting 10.7% of the total inward transfers.

Remittances are mostly sent by Ghanaians living abroad to their relatives.

By Ekow Quandzie