Funds sent home by Ghanaians living abroad far exceeded foreign direct investments (FDI) from external investors in 2024.
According to the Bank of Ghana’s January 2025 Summary of Economic and Financial Data, total recorded remittances at the end of 2024 amounted to $6.65 billion, significantly outpacing the $1.73 billion in FDI received during the same period.
An analysis of the BoG report reveals that remittance inflows surged by more than $5 billion within the year, rising from $1.69 billion in March 2024 to $6.65 billion by December 2024.
On an annual basis, remittance inflows at the close of 2024 were approximately $1.53 billion higher than the $5.11 billion recorded at the end of 2023.
Foreign direct investment also followed an upward trajectory during the review period, increasing from $377 million in March 2024 to $1.73 billion by December 2024.
Year-on-year, FDI inflows into Ghana grew by approximately $428 million.
The substantial influx of remittances contributed to bolstering Ghana’s gross international reserves, which currently stand at $8.98 billion.
