Data from the central bank shows private inward transfers through commercial and retail banks increased 22 % in the first half of this year to US $4.23 billion, compared to the same period last year.

These remittances, according to the Bank of Ghana, were received by NGOs, embassies, service providers, and individuals. The rise in Ghana’s inward remittances follows a global and continental pattern.

At the global level last year, US $300 billion was transferred in remittances, out of which US$ 40 billion came to Africa. However, in Ghana, the share of remittances that accrue to individuals has been dwindling since 2006. Of the total  US $626 million recorded between January and May this year, 14.8 % was received by individuals, compared with US $604 million, representing a share of 17.5 %, during the same period last year.