The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has conveyed his optimism regarding the achievement of the central bank’s annual remittance targets.
He addressed questions about unusual remittance trends during the 126th Monetary Policy Committee (MPC) press conference.
Dr. Asiama explained that banks reported a significant decrease in remittance inflows.
“In the past, these inflows were crucial in facilitating import financing, which subsequently promoted active interbank trading. During that time, the central bank’s involvement in the market was minimal.
Nevertheless, with the recent decline in inflows, the situation has changed. We are proactively tackling this challenge. Approximately a month ago, we implemented a series of measures designed to restore remittance inflows, and we are starting to observe positive outcomes.
“Certain Money Transfer Operators (MTOs) have begun redirecting flows back into the country, which is a positive sign. Our goal continues to be the enhancement of interbank market activity and the improvement of liquidity.”
Looking forward, he said, “We remain hopeful that we will achieve our annual remittance targets. Although the earlier appreciation of the cedi may have impacted inflows, the essential point is that we have proactively taken measures to reverse the trend and ensure remittances continue to support the wider economy.”
