Ghanaian governance advocate Professor Stephen Kwaku Asare, widely known as Kwaku Azar, has issued a passionate appeal to citizens abroad after Bank of Ghana data revealed remittance inflows plunged nearly 50% amid the cedi’s sharp appreciation.
The currency has gained over 40% against the dollar this year, causing some diasporans to delay sending money over concerns about reduced local value.
Professor Asare implored Ghanaians overseas to prioritize their families’ unchanged needs over exchange rate calculations. He emphasized that remittances, which totaled $11.5 billion when including informal channels in 2024, constitute nearly half of Ghana’s export earnings and exceed double its foreign direct investment. These funds directly finance education, healthcare, housing, and small businesses without bureaucratic delays.
“The cedi’s strength reflects fragile progress—falling inflation, improved reserves, rising confidence—but this recovery requires sustenance,” Asare stated. He warned that the dramatic remittance drop risks undermining macroeconomic stability, as inflows critically bolster foreign exchange reserves, ease balance-of-payments pressure, and cushion against external shocks.
The scholar framed remittances as “economic citizenship,” noting their constitutional relevance amid ongoing advocacy for the Diaspora Citizenship Amendment Bill. He countered the wait-and-see approach by stressing persistent domestic costs: “If cement prices haven’t dropped despite falling inflation, if iron rods and roofing sheets still cost the same, the reason to remit hasn’t changed.”
As Ghana navigates economic recovery under President John Mahama’s NDC administration, Asare urged unwavering commitment: “The exchange rate may fluctuate, but our responsibility should not. Fellow Diasporas, don’t let the surging cedi break your sending spirit. Remit today, for God and Country.”
