Recent public discourse has been dominated by the Bank of Ghana Governor’s claim that Ghana’s remittance inflows have declined significantly by as much as 50%.
The claim has stirred concern among analysts and economists, given the potential impact it could have on the economy, especially the exchange rate and inflation.
However, a closer analysis of official data from the Bank of Ghana’s Summary of Economic and Financial Data reveals that this assertion does not align with actual remittance trends.
In fact, the numbers paint a different picture which do not align with the 50% drop, at least based on the data provided in the Summary of Economic and Financial Data.
In contrast, it rather shows seasonal consistency and modest growth.
Let’s Look at the Numbers: Private Transfers (Inward)
The Bank of Ghana captures remittance inflows under “Private Transfers (Inward)” in its Balance of Payments data. Here’s how the figures compare:
| Q1 (March) | Q2 (June) | Q3 (Sept.) | Q4 (Dec.) | |
| 2024 (USD Million) | 1787.3 | 3631 | 5370.2 | 7102.1 |
| 2025 (USD Million) | 1865.9 | 3928.6 |
Year-on-Year Analysis
From the BoG’s data, in Q1 of 2025, the country recorded $1.87 billion in remittances, compared to $1.79 billion recorded in the same period last year. This means remittances increased by $78.6 million year-on-year in quarter 1 of 2025.
In Q2 of 2025, remittances increased to $3.93 billion, up from $3.61 billion recorded in the same period last year. This marks an increment of $297.6 million
Even on a quarterly basis, at the end of Q1 2025, total remittances stood at $1.87 billion. By the end of Q2, it had significantly increased to $3.93 billion, marking an increment of $2.10 billion. This is a whopping 110% increment.
From the figures and analysis above, it is difficult to prove the claim of a 50% drop both from the quarterly and yearly standpoints. In fact, they show consistency year-on-year, with even a marginal increase and significant increment on quarter-on-quarter.
Seasonality: The Real Driver Behind Remittance Trends
A quick glance at the previous year’s data highlights a clear seasonal pattern. Remittances are typically lower in Q1 and ramp up significantly in Q2 and beyond. This trend is consistent for both 2024 and 2025:
In 2024, private transfers grew from $1.79 billion in Q1 to $3.63 billion by Q2. It further increased to $5.4 billion in Q3, ending the year on a higher note of $7.1billion.
In 2025, a similar pattern seems to be unfolding. From $1.87 billion in Q1, it increased to $3.93 billion in Q2.
These seasonal spikes often align with global patterns, when diaspora communities send more funds home during key periods like Easter, school reopening seasons, and mid-year events.
Where Did the “50% Drop” Possibly Come From? The perception of a sharp fall may have been driven by comparing non-corresponding quarters, such as Q2 2025 to Q4 2024, which saw peak inflows.
The Bottom Line
Contrary to viral reports, remittance inflows have not collapsed. In fact, 2025’s second quarter matches, and even slightly exceeds, the same period in 2024. The marginal increase from $3.928 billion to $3.9286 billion is a signal of stability, not crisis. Ghana’s remittance landscape remains strong, resilient, and seasonally predictable.
Unless different figures or data justify the claim, this is what the BoG data says.
