Ghana’s remittance inflows are rebounding far more strongly than previously indicated, according to new Bank of Ghana data that directly contradicts an earlier warning by the central bank’s governor that remittances had collapsed by nearly half.
In August 2025, at the launch of the Bank of Ghana Chair in Finance and Economics at the University of Ghana, Governor Dr. Johnson Asiama revealed that remittance inflows had declined by almost 50%, attributing the fall to the rapid appreciation of the cedi.
“The appreciation of the cedi so far, Ghanaians are interpreting this differently, and it is part of the problem,” he said.
“People who used to send remittances for projects have suddenly stopped, and so we have observed a near 50% decline in remittance inflows.”
At the time, the cedi had surged dramatically, gaining over 40% against the US dollar, 31% against the British pound, and 24% against the euro, an unusual, rapid strengthening that the BoG said disrupted sending money from abroad.
However, the central bank’s newly released November 2025 Summary of Economic and Financial Data tells a very different story.
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Data Shows a Strong Rebound, Not a Persistent Decline
Under the “External Sector Developments” section, in the November 2025 Summary of Economic and Financial Data, the Bank of Ghana reports that inward private transfers (remittances) reached:
- USD 1.87 billion in March 2025
- USD 3.93 billion in June 2025
- USD 5.98 billion in September 2025
The upward trend is clear and significant. Rather than continuing to fall, remittances surged in the months following the Governor’s warning, placing Ghana on track to exceed the USD 7.1 billion received in the full year 2024.
Why the Numbers Matter
The rebound suggests that the earlier decline may have been:
- Temporary, tied to the cedi’s rapid and unusual appreciation;
- Behavioural, as migrants paused transfers to reassess value;
- Seasonal, typically rising strongly toward the second half of the year.
Notably, the sharp appreciation that triggered the dip in inflows earlier in the year has since moderated, possibly restoring predictability for Ghanaians abroad.
Remittances Now Supporting a Stronger External Position
The strong remittance inflows have also helped improve the country’s external balances. Bank of Ghana data shows Ghana recorded a current account surplus of USD 3.83 billion by September, supported significantly by these rising private transfers alongside strong gold export earnings.
A Resilient Diaspora Despite Market Volatility
The data underlines the continuing importance of the Ghanaian diaspora in stabilising household welfare, supporting consumption, and providing foreign exchange at a time when macroeconomic reforms remain underway.
While the Governor’s August remarks captured a real and sudden disruption, the latest figures indicate that Ghana’s remittance engine not only recovered but accelerated sharply in the months that followed.
