The Bank of Ghana (BoG) is urging commercial banks to find new ways of converting diaspora remittances into long-term savings and investments to support economic growth.

Governor Johnson Pandit Asiama said banks should use digital platforms and innovative financial products to make it easier for Ghanaians abroad to invest the money they send home.

He made the call on Wednesday, 12 August 2026, during a meeting with chief executives of banks at the Bank Square.

Dr Asiama said the country’s improving economic conditions created room for financial institutions to expand their role in supporting businesses, households and investment.

He pointed to real Gross Domestic Product (GDP) growth of 6.4% recorded in the first quarter of 2026, driven largely by the services and industry sectors.

Inflation also eased to 4.6% in July from 5.3% in June, while relative stability in the exchange rate has supported the broader improvement in macroeconomic conditions.

The Governor said the gains should provide the basis for banks to develop products that allow remittance recipients and members of the Ghanaian diaspora to move beyond consumption towards wealth creation.

The engagement forms part of consultations towards the development of a national remittance strategy, which seeks to increase the contribution of money sent home by Ghanaians abroad to the domestic economy.

Dr Asiama said banks should consider products specifically designed around the needs of the diaspora, including savings and investment options that can be accessed remotely.

He said greater use of digital and mobile banking could remove some of the barriers that prevent Ghanaians abroad from investing directly in the local economy.

The Governor also challenged financial institutions to ensure that the benefits of economic stability are reflected in greater access to opportunities for households and businesses.

“A resilient banking sector must do more than preserve stability; it must actively translate that stability into opportunities across the economy,” he said.

Ghana continues to rely significantly on remittances from its citizens abroad, with the funds supporting household expenditure and other economic activities.

The BoG’s engagement with bank executives is therefore expected to encourage closer collaboration between the central bank and financial institutions in developing mechanisms that can direct a greater share of remittance inflows into productive sectors.

The initiative is ultimately aimed at using diaspora capital not only to meet immediate household needs but also to support savings, entrepreneurship, investment and sustainable economic growth.