According to World Bank’s Migration and Development report, remittances to Ghana increased up to 5% to $3.6 billion in 2020, in spite of the disastrous impacts of the Covid-19 effect on global economies.

The World Bank report stated that the remittances flow fell for Sub-Saharan Africa by 12.5% in 2020 to $42 billion. The decline in inflows is entirely due to a 27.7% decline in remittance flow in Nigeria. Which alone accounted for more than 40% of remittance flows to the region. Except for Nigeria, remittances flow to Sub-Saharan Africa has increased by 2.3 percent.

The World Bank’s Migration and Development Report for 2021 revealed that “with the exception of Nigeria, remittances to Sub-Saharan Africa climbed by 2.3 percent, displaying resilience in a crisis.” Zambia (37 percent), Mozambique (16 percent), Kenya (9 percent), and Ghana (5 percent) also reported substantial remittance growth.

In spite of the Covid-19 crisis effects on the world economy, Ghana is ranked 2nd, benefiting from remittances flow in the Sub-Saharan African region.

Many Ghanaians reside in the USA, UK, France Germany, and other parts of the world. They remit funds to their families in Ghana. During the hard days of pandemic Covid-19, when most of the countries were in a state of complete lockdown and financial crisis. Ghanaians living abroad kept on sending funds back to the country. The countries’ Gross Domestic Product profited tremendously from these remittances. Resultantly, The Banks reaped the benefits from earning commission from the remittances.

The analytic data for Top recipient for remittances in the Sub-Sahara African region are:

#1 – Nigeria $17.2bn
#2 – Ghana $3.6bn
#3 – Kenya $3.1bn
#4 – Senegal $2.6bn
#5 – DR Congo $1.9bn
#6 – Somalia $1.7bn
#6 – South Sudan $1.2bn