Dr. Zakari Mumuni, the First Deputy Governor of the Bank of Ghana, has stated that remittance inflows have emerged as a vital component of Ghana’s foreign exchange (FX) reserves, significantly contributing to economic stability and growth.
Dr. Mumuni emphasized that a resilient and trusted financial sector is essential to mobilize diaspora investments for national development.
He noted that remittances not only bolster Ghana’s FX position but also present an opportunity to deepen financial inclusion and investment.
“Remittance inflows are becoming a critical element in our FX build-up. With the right systems and reforms, we can enhance their value and attract more structured investments from the diaspora,” he said.
Dr. Mumuni outlined the central bank’s strategy to strengthen the financial ecosystem, attract diaspora capital, and promote sustainable economic growth.
Key pillars of this strategy include regulatory reforms, improved supervision, enhanced cybersecurity, and the introduction of sustainable banking practices.
He explained that over the past few years, the Bank of Ghana has implemented wide-ranging reforms aimed at making the banking sector stable, sound, and adequately capitalised.
“To support secure digital financial transactions, the Bank introduced a directive on Cyber and Information Security,” Dr. Mumuni said. “This initiative is essential for safeguarding customer data and enhancing trust in Ghana’s fast-growing digital banking landscape.”
The Deputy Governor also highlighted the introduction of sustainable banking principles, designed to promote environmentally and socially responsible lending. These guidelines are intended to help financial institutions align their operations with Ghana’s broader development agenda while protecting vulnerable communities and ecosystems.
Reflecting on the state of the banking sector, Dr. Mumuni noted that the industry has shown resilience in 2025, with continued asset growth and improvements in financial soundness indicators.
However, he acknowledged that asset quality, particularly in relation to non-performing loans (NPLs), remains an ongoing concern.
In response, the Bank of Ghana has announced plans to issue a new directive specifically targeting the persistent challenge of high NPLs.
The proposed measures include mandatory write-offs of fully provisioned loans with no realistic recovery prospects (excluding related-party exposures), stricter rules on loan restructuring, requiring proof of sustained repayment before reclassification, and enforcing timely recovery of collateral, especially for overdue loans, strengthening credit risk governance, and requiring demonstrable risk management effectiveness.
“These measures are designed to restore asset quality, encourage prudent lending, and enhance the overall resilience of the financial sector,” Dr. Mumuni said.
“We are refining our regulatory policies to foster innovation, allowing fintechs and traditional banks alike to develop inclusive and efficient savings, credit, and payment solutions,” he added.
On the issue of diaspora-focused services, Dr. Mumuni revealed that the Bank of Ghana is working on reforms to tighten foreign exchange rules governing remittances. The goal is to reduce transaction costs, speed up transfers, and improve transparency, thereby making remittance services more attractive to Ghanaians abroad.
“The central bank is committed to developing innovative financial products tailored to diaspora needs, whether it’s settlement, home ownership, or long-term investments,” he added.
