Against widespread fears that a stronger cedi would discourage Ghanaians abroad from sending money or remittances home, new data from the Bank of Ghana tell a very different story.
Remittance inflows, officially captured as private transfers (inward) in the Bank of Ghana’s Summary and Economic Financial Data, picked up strongly through every quarter of 2025, ending the year at a record US$7.8 billion in the fourth quarter.
The figures show that despite the initial anxiety, Ghanaians abroad did not ‘abandon’ family members due to the cedi’s appreciation, which reduces the value of monies sent in local currency terms.
The data cited by The High Street Journal shows a clear quarter-on-quarter growth in remittances in 2025, even higher than 2024, where the cedi’s strength wasn’t profound enough to reduce the value of remittances sent.
2025 Q1 vs 2024 Q1: A Stronger Start Despite Uncertainty
According to the data, in the first quarter of 2024, remittances stood at US$1.79 billion. A year later, in the first quarter of 2025, inflows had risen to US$1.87 billion.
This modest increase came at a time when the cedi was beginning to strengthen, sparking concerns that senders might hold back, waiting for better exchange rates. Instead, inflows grew, suggesting that remittances are driven more by family needs and obligations than short-term currency gains.
2025 Q2 vs 2024 Q2: Momentum Builds
The second quarter shows an even clearer shift. Remittances rose from US$3.63 billion in Q2 2024 to US$3.93 billion in Q2 2025.
This is a nearly US$300 million increase in a year. This highlights how earlier fears of a slowdown failed to materialise. Despite a firmer cedi, Ghanaians abroad continued to send more money home, supporting household spending, school fees, rent, and medical bills.
2025 Q3 vs 2024 Q3: Confidence Overtakes Currency Worries
By the third quarter, the upward trend became more pronounced. Remittances increased from US$5.37 billion in Q3 2024 to US$5.98 billion in Q3 2025. This is also a little over US$600 million increase.
This sharp rise signals growing confidence. Even as the cedi’s appreciation reduced the immediate forex gains for senders, the volume of money sent increased, reinforcing the idea that remittances are less about profit and more about responsibility and long-term support.
2025 Q4 vs 2024 Q4: Record Inflows Silence the Panic
The biggest statement, as expected, came in the final quarter. Remittance inflows climbed from US$7.10 billion in Q4 2024 to a striking US$7.79 billion in Q4 2025.
This is the clearest evidence that the fears surrounding the stronger cedi might have been overstated. As remittances are high in the last quarter of the year due to Christmas, end-of-year festivities, and payment of fees, the cedi’s rally did not really impact much. Ghanaians even received more remittances compared to the same period in 2024.
Instead of falling, remittances surged, closing the year at their highest level and providing a major boost to Ghana’s external sector.
The Bottomline
The data show a consistent and accelerating rise in remittances across all four quarters of 2025 compared to 2024. This happened despite early panic that cedi appreciation would discourage inflows.
As has always been the case, remittances help pay school fees, cover hospital bills, support small businesses, and cushion families against rising living costs. At the national level, they strengthen foreign exchange reserves and help stabilise the economy.
The numbers indicate that even in the face of currency shifts, Ghana’s diaspora continues to show up. And in 2025, they did so in bigger numbers than ever before.
