Ghana Government Targets Diaspora Capital to Fund 24-Hour Economy as Remittances Hit US$7.8 Billion

The government has intensified efforts to channel part of Ghana’s record US$7.8 billion annual remittance inflows into its 24-Hour Economy and Accelerated Export Development Programme. Presidential Adviser Augustus Goosie Tanoh has called on Ghanaians in the United Kingdom to move beyond sending money for household support and instead invest directly in productive sectors that drive export-led growth.

Speaking at a diaspora townhall held at the Ghana High Commission in London during an engagement between President John Dramani Mahama and Ghanaian communities in the United Kingdom and Ireland, Mr. Tanoh emphasized that Ghana’s improving macroeconomic stability, expanding export base, and pipeline of investment-ready projects under the 24-Hour Economy programme create strong opportunities for diaspora-led capital mobilisation.

He revealed that in 2025, Ghanaians abroad sent home a record US$7.8 billion in remittances, up from about US$4 billion just six years earlier. According to him, this inflow is now larger than both official development assistance and foreign direct investment combined. He also noted that the United Kingdom is Ghana’s second-largest source of remittances after the United States.

The appeal specifically targeted the Ghanaian community in the United Kingdom, which represents a significant share of remittance inflows. Data from the Bank of Ghana show that the UK contributed 28 percent of total remittances in 2024, although its share declined to about 17.5 percent in the first nine months of 2025.

Population estimates indicate that 135,854 Ghana-born individuals live in the UK according to the 2021 to 2022 census, while broader estimates suggest the total Ghanaian community, including second-generation citizens, is around 250,000.

Mr. Tanoh acknowledged the vital role the diaspora already plays in supporting Ghana’s economy, particularly through remittances that sustain households and strengthen the balance of payments. However, he encouraged a shift toward investment participation in national development.

He stated that diaspora members are being invited to take a more active role in financing Ghana’s economic transformation agenda.

To facilitate this, the government outlined potential investment platforms, including structures under the Ghana Infrastructure Investment Fund as well as capital market instruments regulated by the Securities and Exchange Commission and the Ghana Stock Exchange.

The initiative is part of a broader strategy to position the 24-Hour Economy and Accelerated Export Development Programme as a major channel for both domestic and international private sector investment in productive industries.

Mr. Tanoh stressed that Ghana’s current macroeconomic conditions make the investment case stronger. He pointed to inflation at 3.4 percent, the lowest level in more than four years after 15 consecutive months of decline, and a reduction in the Bank of Ghana policy rate from 28 percent to 14 percent.

He also highlighted gross international reserves of US$14.5 billion, enough to cover nearly six months of imports, while public debt has fallen from a peak of 92.4 percent of GDP to about 48 percent. The economy, he added, expanded by 6 percent in 2025.

The 24-Hour Economy programme is expected to drive large-scale investments in agriculture, manufacturing, energy, and logistics, with projections suggesting the creation of about 1.7 million jobs by 2028.

Mr. Tanoh disclosed that four recent agreements signed within 90 days alone are expected to generate more than 160,000 jobs. These include a US$1.45 billion solar energy project in Buipe, a US$300 million oil palm development at Kambonwule, a bioenergy and biofuels initiative across Buipe and Damanko, and an air cargo hub in Tamale aimed at boosting exports.

He cited examples from other African countries to encourage diaspora participation, pointing to Ethiopia’s use of diaspora bonds and professional networks to help finance major national projects worth billions of dollars without relying heavily on external concessional loans.

The government views the United Kingdom as a key strategic partner in this effort due to its large population of Ghanaian professionals, entrepreneurs, and investors, making it a central hub for diaspora capital mobilisation.

Mr. Tanoh also noted progress in export diversification, stating that non-traditional exports increased by more than 30 percent in the past year and now account for 16 percent of total export earnings. The government aims to expand this share further under its economic programme.

He identified the Volta Economic Corridor, which spans 75 districts around the Volta Lake and its tributaries, as a major investment zone for agro-processing and export-driven industrial growth.

Concluding his remarks, Mr. Tanoh described the government’s message to the diaspora as one grounded in economic stability and long-term transformation, inviting them to invest in a country that is actively building a structured and sustainable growth path.