![Remittance is 'super gold' for Ghana than gold and cocoa as it generated $28.6 billion over 10 years [LIVE VIDEO]](https://graphiconline.com/images/2024/aug/21/atuahene.jpeg)
Remittance is 'super gold' for Ghana than gold and cocoa as it generated $28.6 billion over 10 years [LIVE VIDEO]
"I describe remittances as 'Super Gold' because we [Ghana] generated $28.6 billion from it over a 10-year period as compared to $18.7 billion from cocoa and $7.6 billion from gold," - banking and finance analyst, Dr. Richmond Atuahene has said.
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If you add gold to cocoa, remittances still top leaving a gap of $2.3 billion, he said.
"So that is why some of us have described it as gold, super gold, because it is something if it is well structured, captured, traced into the balance sheet, I think Ghana will be somewhere, I think maybe near Dubai because it is something that will support the economy," he added.
"And I am only talking about the remittances captured by the central bank. The difference between the World Bank is $36 billion, but the country captured only $28 billion, so if we were able to trace, track and capture, we would have captured about $36 billion and that is far more exceedingly above gold and cocoa", Dr Atuahene said.
He was speaking at the third edition of the Graphic Business/Stanbic Bank Breakfast Meeting on Tuesday morning at the Labadi Beach Hotel in Accra.
The event has gathered experts to explore the significant role of remittances in Ghana's economy.
Under the theme "The Remittance Ecosystem Impact on the Economy," the discussion will focus on identifying practical solutions to harness the potential of remittances for economic growth.
The video below captures Dr Richmond Atuahene's opening comment
Remittance is 'super gold' for Ghana than gold and cocoa as it generated $28.6 billion over 10 years - Banking and Finance analyst Richmond Atuahene at the Graphic Business/Stanbic Breakfast Meeting https://t.co/WnGJuKqANf pic.twitter.com/eq5rNJxAmh
— DailyGraphic GraphicOnline (@Graphicgh) August 20, 2024
One of the key speakers, Mr. Yaw Appiah Lartey, Partner and Africa Leader for Infrastructure & Capital Projects (I&CP) and Economic Advisory at Deloitte Africa Financial Advisory in Deloitte Ghana, will delve into the impact of remittances on the economy.
His presentation will cover how regulations have shaped the remittance landscape and what steps can be taken to enhance the sector's effectiveness.
Mr. Appiah Lartey will also assess Ghana's infrastructure readiness and the systems in place to support the remittance sector. While remittances have been a crucial source of foreign exchange, lifting many Ghanaians out of poverty and driving economic growth, challenges remain. These include the transfer of funds through unregulated channels, leading to risks such as money laundering and fraud. Additionally, exchange rate volatility and over-reliance on remittances have exposed the country to economic vulnerabilities.
The breakfast meeting aims to address these challenges and propose lasting solutions to maximize the positive impact of remittances on Ghana's economy.
Watch the LIVESTREAM BELOW;