IOM Ghana Organizes A Three-Day Workshop On Remittances To Build Capacity And Develop Policy Recommendations

A three-day workshop (31 May – 2 June) has been organized to develop policy recommendations and to enhance understanding on remittances for participants from government, financial institutions, telecommunications companies and development partners. Ghana is one of the top remittance receiving countries in the region, receiving about USD 2 billion a year since 2011, yet numerous challenges continue to persist both for those sending and those receiving the funds.

This workshop follows the recent dissemination of two studies commissioned by IOM – the Baseline Assessment of Household Remittances carried out by Ghana Statistical Service (GSS) and the Assessment of Remittance-related Services and Practices of Financial Institutions by the Centre for Migration Studies of the University of Ghana – in April this year.

The Director of the Diaspora Affairs Bureau of the Ministry of Foreign Affairs and Regional Integration, Mr. Samuel Yaw Nsiah and the Deputy Chief Manager of Bank of Ghana’s Balance of Payment Office, Mr. Ebenezer Okyere, gave welcome remarks during the opening ceremony.

Over the three-days, the 26 participants will deliberate how to address some of the challenges identified in the two studies, which include high transfer costs in Ghana (often costing over 10 percent of the amount being sent); a low proportion of the funds received in the country channeled into savings or investments with the majority being utilized for daily consumption; and limited access to financial services inhibiting the ability of households to receive remittances.

Participants will also have an opportunity to review and deliberate on global good practices on remittances to identify specific strategies that could be replicated or improved upon in the Ghana context.

Finally, the participants will develop concrete recommendations and strategies to harness the benefits of remittances for migrants, their families and communities and national development.

The workshop brings together both private and public actors in the field of remittances including various money transfer agencies, telecommunication companies, banks and the Ghana National Investment Promotion Centre, to foster greater collaboration.

The meeting is being organized under the project Improving Capacities to Leverage Migrant Remittances for Development funded by IOM Development Fund, which aims to enhance the capacity of IOM member states to manage migration.

For further information, please contact Eric Akomanyi at IOM Ghana, Tel: +233 302 742 930 ext. 2405, Email: [email protected] .