Migrant remittances have been a useful source of income to many Ghanaians, especially in times of economic turmoil. Due to the prevalence of an informal economy and large scale receipt of remittances in Ghana, developing accurate data and use of the funds by recipients is vital to develop strategies to improve the impact remittances can have on economic development.
This project aims to maximize the positive impact of remittance flows on Ghana’s development, through the promotion of sustainable investments and community development. Results include the development of policy recommendations on models for investment, lowering transaction costs and extension of financial institutions’ outreach to underserved communities in Ghana, especially where labour migration is high.
Activities will include:
1) Conducting a baseline assessment on remittance flows through a survey targeting 900 households and a qualitative study to clarify practices of service institutions and special finances available to migrants.
2) Capacity-building of stakeholders to identify, conceive and develop remittances initiatives, identify good practices and potential models that facilitate migrant’s investment and savings.