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Ghana’s Diaspora remittances hit $2b as Nigeria’s gross to $37b in March

Latest statistics has shown that more Africans are experiencing rising capital injection by way of diaspora remittances but Nigeria has maintained lead over the years, emitting over $37 billion back to the country between last year and March 2017.

This is as remittances by Ghanaians in Diaspora have assumed a significant component of Ghana’s economy.

Statistics from Ghana Revenue Authority (GRA) shows that diaspora injections have continued to exceed the revenue the country generates from taxes and how much it receives in international aid.

For example, just as the GRA announced over GH¢183 million as the tax revenue collected in 2016, the total value of remittances into Ghana in the same year, amounted to GH¢8.7 billion or a little over $2 billion.

The total of both revenue and grants amounted GH¢33.7 billion or 20 per cent of GDP, according to the central bank.

Financial Tracking Service, which tracks international aid, indicates that the total funding made available to Ghana in 2016 was $697,992.

Further findings reveal that Ghanaians abroad are building and sustaining the economy by sending money home to relatives to cater for the sick, pay for education, acquire landed property and feed households.

Recently, the Senior Special Assistant to the President on Foreign Affairs and Diaspora matters, Mrs. Abike Dabiri-Erewa, who paid a courtesy visit to the Executive Chairman, Federal Inland Revenue Services (FIRS), Mr. Babatunde Fowler revealed that “in 2016 Nigerians abroad remitted $35 billion which is higher than what was remitted in 2015. This is the highest in Africa and the third largest in the world.”

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