As Ghana’s economy rebounds from years of external and domestic shocks, the Bank of Ghana is urging a strategic pivot toward harnessing the power of the diaspora to accelerate inclusive growth and development.
Dr. Zakari Mumuni, First Deputy Governor of the Bank of Ghana, has stressed the need for deliberate policies and innovative financial tools to attract diaspora investment in Ghana.
Speaking at the 2025 Ghana Diaspora Investment Forum held in Accra on June 10, he noted that tapping into the financial and intellectual capital of Ghanaians living abroad presents a low-hanging fruit in the country’s broader economic strategy.
“We must capitalise on the opportunities that diaspora investment in Ghana offers. It requires a coordinated effort to design investor-friendly financial instruments, strengthen trust in public institutions, and implement sound policies that support long-term, impactful investment,” Dr. Mumuni said.
The Bank of Ghana, in collaboration with key government agencies and financial institutions, is exploring diaspora bonds, housing funds, SME investment platforms, and diaspora-targeted savings products as part of a broader toolkit to unlock capital from Ghanaians abroad.
He highlighted that in the face of tightening global financial conditions and geopolitical uncertainties, developing countries with resilient macroeconomic fundamentals like Ghana are best positioned to manage external spillovers.
His remarks come at a time of significant progress in Ghana’s macroeconomic indicators. According to Dr. Mumuni, the country’s recovery is gaining momentum thanks to effective fiscal and monetary policies. Headline inflation fell sharply to 18.4% in May 2025, marking a significant turnaround after three years of inflation rates consistently above 20%.
“The economy is on the mend. Our high-frequency real sector indicators point to a sustained growth trajectory. The disinflation trend is firmly taking root, and fiscal performance in the first quarter aligns well with the 2025 budget,” he said.
The central bank also reported encouraging performance in the external sector. Ghana recorded a provisional current account surplus of US$2.1 billion in Q1 2025, driven by higher international prices and output of cocoa and gold.
Remittances, which are a key source of diaspora inflows also surged, contributing to a record Gross International Reserves level of US$10.7 billion as of April 2025, equivalent to 4.7 months of import cover.
“The recent surge in remittances proves that diaspora investment in Ghana is not only possible but also potentially transformative. We now need to shift from short-term transfers to long-term capital inflows that support sectors like agriculture, housing, infrastructure, and manufacturing,” Dr. Mumuni advised.
In addition to strong reserves, the Ghana cedi has rebounded against major currencies, thanks to a combination of tight monetary policy, strict FX market rules, improved investor confidence, and ongoing fiscal consolidation.
Looking ahead, the First Deputy Governor projects that macroeconomic fundamentals will continue to improve.
He said headline inflation is expected to decline toward the end-year target of 12%, aided by tighter monetary conditions and exchange rate stability. Growth prospects remain strong, bolstered by favourable terms of trade and a resilient private sector.
Dr. Mumuni also emphasized the importance of creating a business-friendly environment to encourage more structured diaspora investment in Ghana. “It is not just about sentiment or patriotism; it’s about providing credible, bankable opportunities with clear returns,” he noted.
“I commend the Forum organisers for bringing this conversation to the forefront. Now, we must move from dialogue to execution. Mobilising diaspora investment in Ghana must be a national priority,” he added
As the global economic landscape remains uncertain, Ghana’s ability to leverage its diaspora could make the difference between recovery and transformation. With over three million Ghanaians living abroad, the opportunity to turn remittances into sustainable investments is ripe and the moment to act is now.
