The pressure on Ghana’s forex is expected to ease, with an expected $5 billion in remittances for 2023, following the 2022 remittances of $4.7 billion inflow.

Mr. Darryl Mawutor Abraham, the Growth Director in charge of Africa for Tap Tap Send, a remittance company, in an interview disclosed that the remittance for next year together with the International Monetary Fund (IMF) $3bn loan-support program, is expected to contribute to efforts by the government to have a stable economy and increased macroeconomic confidence.

According to Mr. Mawutor, the financial technology (fintech) sector would still be strong in 2023 with the number of remittances coming into the country expected to grow from $4.7 billion this year to $5 billion next year.

Mr. Mawutor also revealed that in 2023, the 4.4% growth in remittances for 2022, per data by the World Bank Migration and Development Brief, which made Ghana, the second largest recipient of remittance in Africa would grow.

“We believe that every Ghanaian in the diaspora, if they choose to use Tap Tap Send, and other remittance platforms, we can hit this big, massive figure for Ghana, and it would help meet our foreign exchange needs.”
Mr. Darryl Mawutor Abraham

A Call For Stronger Collaboration Between BoG And Sector Players

Mr. Darryl Mawutor has called for a stronger collaboration between the Bank of Ghana (BoG) and all sector players to ensure that Ghana earned more foreign exchange next year.

“This would massively change the economy. It would as well not make the IMF that bad because, it would ease the pressure on the Cedi, the pressure on the economy and make the Government to find some money to improve not only the economy’s health, but the life of everyone.”
Mr. Darryl Mawutor Abraham

On the issue of some remittance companies short-changing the Government in terms of revenue, the Growth Director said the Central Bank had put together a regulatory framework to make Ghana get what it is due.

According to Mr. Mawutor, the Fintech and Innovation Office of the Bank that granted licenses to fintech, remittance and consulting firms, worked with third parties and as well monitored their operations within the sector to make monies pass through banks. He further cautioned against taxes charged on remittances.

“All our foreign entry inflows are still being seen and going through an arm of the Bank of Ghana regulators. Now, it is up to them to work out how they can make some revenue from that source.
“Any tax on remittance would lead to people sending less. If people send less, there would be less foreign exchange in the country and there would be little foreign capital, which would negatively impact the economy.”
Mr. Darryl Mawutor Abraham

He then urged the Government to initiate innovative ways to make commercial banks and license holders thrive and build a system to make some revenue from there.

Mr. Darryl Mawutor expressed their willingness to support the government to ensure that more revenue was generated to support national development and improve the livelihoods of the people.

The company (Tap Tap Send) celebrated the Christmas with families who received money through them by giving locally produced rice and cooking oil to about 1,000 families who received remittances through the company.

“We have had a lot of loyal customers who send money through us every time, so, we are saying thank you to them by helping them celebrate Christmas better by providing them with some items for their loved ones in Ghana.”
Mr. Darryl Mawutor Abraham

Madam Oforiwaa Yartey, a customer who received a package of rice and cooking oil expressed her gratitude as she disclosed this was the first time in more than five years that a company had made such a gesture.