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    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

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    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

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    Node 8, HTU hold first edition of Node X in Ho

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

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    E-Levy won’t be terminated because of IMF bailout – Gov’t assures

    Node 8, HTU hold first edition of Node X in Ho

    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    ‘Seeking IMF bailout doesn’t mean e-levy has failed’ – Oppong Nkrumah

    ‘Our IMF negotiations will be in best interest of Ghanaians’ – Oppong Nkrumah

    IMF team arrives in Ghana on Tuesday ahead of Wednesday’s bailout talks

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

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    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

  • TECHNOLOGY

    Node 8, HTU hold first edition of Node X in Ho

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

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    Africa’s internet economy to cross $180 billion by 2025: Report

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    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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Remittances into Ghana shoot up despite impact of COVID-19 on jobs abroad

byNerteley Nettey
August 26, 2020
in Banking And Finance, Top Stories
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Data from the Bank of Ghana made available to Citi Business News shows that the flow of remittances into the country went up marginally within the first half of the year, compared to the same period in 2019 despite the impact of COVID-19 on jobs both home and abroad.

The remittances for the first half of the year stands at $2.3 billion as compared to $D2.1 billion in the same period last year.

Since the outbreak of the novel coronavirus in Wuhan, China, in the latter part of 2019, the virus has claimed over 800 thousand lives globally, out of over 23 million cases, although over 16 million infected people have also recovered.

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The impact of the disease has been very severe as almost every sector has had its share of the ravaging virus, and the transfer of remittances is no exception.

A remittance refers to money that is sent or transferred to relatives or acquaintances back in a person’s home country via a wire transfer, electronic payment system, mail, draft, or cheque.

In Ghana, just like many developing countries, in particular, remittances are the most visible forms of immigrants or migrants’ economic contributions to the economies of their home countries. At an economy-wide level, they form a substantial part of several countries’ GDP and help shore up foreign reserves.

Prior to COVID-19, remittance flows proved relatively resilient. But checks by Citi Business News amidst the COVID-19 pandemic indicate some changes in the state of remittance flow into the country.

An interaction with Ghanaians abroad showed that although jobs were generally lost in their host countries largely due to lockdown measures, affecting the flow of remittances, not everyone was badly hit.

“Fortunately, I still have my job and I work from home but that hasn’t affected the amount of money I remit home,” Kofi Bentum, a sales manager said.

“I don’t have a job. Our company had to lay off some people and I was part. Though I have some savings I cannot send money home because I have to be financially prudent,” P. K. Dickson, a legal advocate noted.

These views show that obviously the COVID-19 pandemic had some impact on the flow of remittances. But data from the Bank of Ghana indicate that, for the first half of the year, the remittance inflows into the economy performed marginally well.

According to the Bank, the remittances stood at $2.3 billion as compared to $2.1 billion the same time last year.

Also, inward and outward remittances recorded USD 2.2 billion and USD452 million respectively.

Head of Research at Bank of Ghana, Philip Abradu-Otoo, explained further that, “from the perspective of the Bank of Ghana, transfer of remittances have held up. There is no indication that the pandemic has adversely affected the transfer of funds. It has rather been strong as compared to same time last year.”

While throwing more light on the benefit of increased remittances to the economy, Mr. Abradu-Otto said figures from the final two quarters of the year, will give a broader perspective on the real impact of remittances for the year.

His stance was reiterated by the Director of Diaspora Affairs at the Office of the President, Akwasi Awuah Ababio, who says government has put in place measures to support Ghanaians affected by the pandemic.

The Founder and CEO of PayAngel, a Ghanaian owned multichannel remittance and bill payment service provider based in the United Kingdom, Jones Amegbor, confirmed to Citi Business News that although the company saw a decline in remittances sent to Ghana and other countries during the lockdown, it picked up when restrictions started easing, with many using their digital platform instead of walk-ins.

Despite the slight increase in remittances into Ghana within the first half of the amidst COVID-19 pandemic, a World Bank report released on April 22, 2020, said remittances to sub-Saharan Africa decreased by 0.5 percent, between 2018 and 2019, to remain close to $48 billion. The further noted that due to the COVID-19 crisis, remittances are expected to decline by 23.1 percent in 2020 to reach $37 billion, while a recovery of 4.0 percent is expected in 2021.

 

 

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