Thousands of Ghanaian expatriates send money to Ghana from the UK. Any time an area of the world transitions from poverty to wealth, one country is usually the catalyst for the change. The United Kingdom was the first to industrialise in Europe. It was Japan in East Asia. Ghana may be the country in West Africa.
In terms of location, structures, and human resources, Ghana has a range of significant strengths over other countries in the region. It is located on the coast and has numerous ports from which to ship and receive goods. It has about 31 million people, which is large enough to establish a significant domestic market but small enough that supplying employment and food would not be too difficult.
Ghana has less ethnic fragmentation than many post-colonial states since the Akan ethnic community accounts for roughly half of the population. It performs well on international governance efficiency, rights, democracy, business ease, and corruption indicators. Ghana has a lower infant mortality rate than its neighbours, showing that its people are generally safe. It also has a leg up on the competition in terms of literacy and education. The major part of the citizen working abroad and transfer money to Ghana to support family and indirectly economy of the country.
What Is The New Trend Of Intra-National Remittance In Africa?
Foreign workers in Africa send money to Ghana online worth more than $14 billion per year, according to the World Bank, and intra-African remittances accounted for 20% of global money transfer flows in 2018, according to Ecobank Group. The African Continental Free Trade Area (ACFTA), which facilitates intra-African trade and regional integration, accelerates intra-continental migration. Migrant workers are no longer just looking for jobs in developing countries (traditional south-to-north migration patterns) but are also looking for work closer to home. Intra-African migrants increased from 16 million to 19 million between 2015 and 2019.
How Can People Of Africa Save Money On Remittance Transfer?
While the need for remittance has not changed due to the recent wave of the south to south migration, the large proportion of remittances are still sent ‘offline.’ In Africa, the informal remittance market is projected to be two to ten times larger than the formal market.
Money is sent to and received from a physical agent, which can be cumbersome and expensive. Africa has the highest remittance costs globally, with an average of 9% for a $200 transaction, relative to the global average of 7%. This is well below the United Nations’ Sustainable Development Goal (SDG) of 3% by 2030. This high fee can be reduced by online money transfer to Ghana and other sub-Saharan countries