According to her, over the next two years, innovative financial products such as insurance and other services will be made available to especially underserved communities in the two regions.
Ms. Gasparri made this known during a panel discussion at the 2021 International Day of Family Remittances (IDFR), a thought-leadership event organised by Zeepay under the theme: “Bridging the Last Frontier–A Case for Digital Remittance Post-COVID-19.”
The move, she said, will ensure remittances are inclusive and will leverage the flows to link additional financial services to make sure that communities that are not well served can have affordable financial products.
According to the World Bank’s 2021 Migration and Development Report, remittances to Ghana grew by 5 percent in 2020 to US$3.6bn, accounting for some 6 percent of GDP.
Speaking at the same event, Project Officer for the International Organisation for Migration (IOM), Eric Akomanyi, said even though there is a National Migration Policy, there has not been any concrete effort to implement it.
He also stated that while Ghanaians abroad are expected to regularly send money back home, the framework to constantly engage them has been on the drawing board for the past eight to 12 years.
According to him, the framework policy was sent to Cabinet before the 2020 elections but was not approved, hence the need for the process to be fast-tracked to give confidence to Ghanaians in the Diaspora that their efforts in the development of the country are appreciated.
Meanwhile, the impending nationwide re-registration of Subscriber Identification Module (SIM) cards is expected to impact positively on the inflow, distribution and use of remittances in the country.
According to the Minister of Communications and Digitisation, Ursula Owusu-Ekuful, in a speech read on her behalf by the Chief Director of the Ministry, Magdalene Apenteng, the exercise will curb fraud while ensuring remittances are accessed by the intended recipients. Read Full Story
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