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Why Remittances To Ghana Have Decreased, While The Forex Bureau Facing Financial Difficulties

Feature Article Why Remittances To Ghana Have Decreased, While The Forex Bureau Facing Financial Difficulties
JAN 27, 2022 LISTEN

Ghana now faces acute financial difficulties due to chronic corruption but the situation wouldn’t have been worse if the president has devoted his time to deal with the issues at the Ghana Harbor and Ports Authority, that continue to affect remittances and investments by Ghanaians in the Diaspora.

Despite all the rich resources Ghana has as a country, including gold, cocoa, diamond, timber, etc; without the remittances of Ghanaians in the Diaspora, the economy of Ghana would have been in its worst form more than what the country is experiencing today.

As a matter of fact, the Finance Minister, Ken Ofori Atta, can’t deny that apart from the country’s resources, the economy of Ghana depends on remittances from Ghanaians in the Diaspora. For example, the money immigrants sent to Saharan Africa in 2017 alone reached a record of 41 billion dollars.

It’s therefore, unthinkable if the president can’t deal with issues affecting Ghanaians in the Diaspora to remit more money to sustain the economy, since the common Ghanaians didn’t vote for Akufo Addo just because they wanted him to make his relative a Chief Justice or the Finance Minister.

He was chosen because he promised to make life better for the common Ghanaians with the promise of fighting against corruption.

Once someone decides to be a president, you must really understand the meaning of that task and the responsibility that lies on your shoulders.

It’s not easy in Ghana today and the situation will be worse because since the Akufo Addo-led government failed to address the issues affecting Ghanaians in the Diaspora, remittances, businesses, and investments, thousands have stopped sending money through the right channels to Ghana.

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Nana Akufo Addo is likely the worst president in the political history of Ghana since he has failed to exhibit good leadership and the fight against corruption, taking their toll on the government of the NPP

What do I mean by the right channels? They are many ways Ghanaians in the Diaspora remit money to Ghana, especially, through financial institutions such as Western Union, MoneyGram, etc, but those remittances have decreased.

I was shocked to find out that in Belgium, Holland, Germany, and other Western European countries, there are Ghanaians that could take as much as 10,000 Euros and call their business partners in the country to deliver the equivalency of the amount in Cedis, to the relative of the payer in Ghana.

Does the government of Ghana, especially, Nana Akufo Addo understand how Ghana is now losing millions of Euros through the black market because of the negligence of duties? When we write and give such information about what is happening in Europe doesn’t mean someone hates Akufo Addo.

I simply want the president to know how Ghana is losing millions through the black market when as a president he can fix the problems at the Ghana Harbors and Ports Authority to receive the genuine flow of foreign exchange into the country.

Is it necessary to advise the president to fix the problems at the harbors knowing perfectly well that place is one of the biggest institutions generating foreign exchange in sustaining the economy of the whole country?

It might be even too late now if Nana Akufo Addo decides to fix the problems at the Ghana Harbors and Ports Authority because the Ghanaians in Europe are enjoying the black market of remittance to Ghana.

How much can Ghana or Akufo Addo get from E-Levy if he has failed to do the right thing to get millions through genuine remittances? It’s not only a disgrace but it also warns Ghanaians that the NPP government is not intelligent enough to rule a country.

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