Ghana receives $4.2bn in remittances

The Ghanaian economy is fast enjoying an economic rebound after experiencing some shocks from the financial meltdown that plunged many markets around the globe in 2008/09.
According to balance of payments data, total private inward transfers to the Ghanaian economy for January – May, 2010, amounted to US$4.2 billion, representing a 22.2 per cent increase over the corresponding period in 2009.
Of the total transfers, US$626.2 million accrued to individuals, compared with US$604.8 million during the same period in 2009.
First Deputy Governor of the Bank of Ghana (BoG), Dr. H. A. K. Wampah disclosed this at the launch of the Ecobank’s ‘Rapid Transfer’ in Accra on Wednesday. The ‘Rapid Transfer’ an instant money transfer product which provides a fast, convenient and reliable way to transfer across and within countries where Ecobank operates.
Global remittances average about US$300 billion per year, with Africa getting about US$400 million, according to a 2009 report on remittances by the International Fund for Agricultural Development (IFAD) and the African Development Bank (AfDB) titled ‘Sending Money Home to Africa’.
Due to the economic crises, remittances for the year 2009 decreased by 6 per cent but were expected to increase at 6.2 per cent in 2010 and 7.1 per cent in 2011, according to report on migration and remittances trends 2010 by Dilip Ratha, lead economist at the World Bank.
The strategic importance of the remittance business to the Ghanaian banking sector is underpinned by the fact that all the banks in the country serve either as agents or sub agents to giants in the remittance business, such as Western Union, Moneygram and Vigo.
However, Dr. Wampah said with the introduction of Ecobank’s ‘Rapid Transfer’ product, “a new dimension has been added onto the financial market, especially, as it focuses solely on Africa”. He described the new product as one of the manifestation of Ecobank’s vision of building a Pan African Bank focused on facilitating the economic integration of Africa.
“It is a clear indication of Ecobank’s commitment to contribute to the development of Africa using its platform to facilitate the transfer of funds within and across African countries where the bank has a presence”.
The Ecobank Rapid Transfer comes across as a fast and reliable means of money transfer through which one can send or receive money at all 750 branches of Ecobank in more than 30 African countries. Also, payments of receipts are in the Ecobank affiliate’s local currency, subject to local exchange control regulations. Above all, the risk of carrying money across borders is eliminated.
Commenting on the new product, the Managing Director of Ecobank Ghana, Mr. Samuel Ashitey Adjei said “the Ecobank Rapid Transfer is aimed at making the transfer of money simple and fast. Sending and receiving money across Africa has been made easier”.
The Board Chair of Ecobank Ghana, Mr. Lionel Van Lare Dosoo said the Ecobank Rapid Transfer product will serve as one stop solution to the transfer of money in the African continent. Dean of the Diplomatic Corps in Ghana, Jean Pierre Gbikpi also commenting on the product said “the Pan-African idea of the Ecobank Rapid Transfer product is moral boosting in the African continent”.