Dr Johnson Pandit Asiama, Governor of the Bank of Ghana (BoG), has urged commercial banks to develop products that channel diaspora remittances into savings and investment.
He said remittances continued to flow mainly through basic transfer channels, limiting their conversion into structured savings products, bonds and other investment vehicles.
Dr Asiama made the call at a meeting with chief executive officers and heads of banks, where he urged financial institutions to respond to emerging opportunities in the economy.
He said a recent BoG survey of diaspora investment products showed that banks lacked dedicated, off-the-shelf products specifically designed to meet the needs of Ghanaians living abroad.
The Governor urged banks to move beyond traditional money transfer services and offer bank-led investment programmes to mobilise diaspora resources for national development.
He also encouraged banks to use mobile money solutions and digital remittance platforms to make it easier for Ghanaians abroad to save and invest in Ghana.
The BoG, he said, was working with relevant stakeholders to develop a national remittance strategy aimed at enhancing remittance flows and ensuring that a greater proportion supported savings, investment and broader economic development.
Dr Asiama also urged banks to increase financing for small and medium-sized enterprises (SMEs), particularly those operating along the agricultural value chain.
He said banks should develop flexible credit products that reflected the seasonal nature of agricultural production.
Dr Asiama said loan repayment schedules should be aligned with the timing and pattern of borrowers’ cash flows to make financing more responsive to the needs of agricultural businesses.
He urged banks to strengthen monitoring and customer engagement systems to improve compliance and confidence in banking services.
The Governor advised financial institutions to exercise greater due diligence when dealing with digital credit providers and verify their licensing status with the BoG before establishing partnerships.
He said the banking sector had an important responsibility to translate economic gains into tangible benefits for businesses, households and the wider economy.
Dr Asiama assured banks that the BoG would continue to engage with the industry, address emerging challenges and support growth opportunities.
He said the objective was to build a stronger banking sector capable of supporting sustainable economic growth and a more resilient Ghanaian economy.
