Remittances can boost Ghana’s economy more than FDIs – Taptap Send

Taptap Send Africa is advocating for greater attention to remittance inflows as a key driver of Ghana’s economic growth, highlighting their contribution to surpassing Foreign Direct Investment (FDI).

According to the leading money transfer company, remittances present approximately $5 billion to the country as compared to the $56.02 million FDI recorded for the second quarter of 2024 by the Ghana Investment Promotion Centre (GIPC).

During a media engagement in Accra, the Head of Taptap Send Africa, Darryl Koku Mawutor Abraham called for enhanced collaboration between industry players and regulators to create a more favourable operating environment that supports growth and innovation in the remittance sector.

“What remittances do for Ghana is far higher than FDI. I used the figure of $1.5 million but that was a long time ago. FDI is now in the range of $600 million it has now reduced to $300 or $360 million recently,” he said.

He added that: “With FDI you have to convince countries to come and invest. With remittance, all you have to do is get our people who live outside the country to spend more money here. We can create a welcoming environment for companies like ourselves. If you want to get more remittance companies in the country, there’s one thing you can do. You can allow for companies like us to have a better regulatory environment for us to bring more money.”

The company has officially resumed its services to Ghana following a brief suspension with an exciting promotion dubbed the” Sanbra Promo” to thank customers for their patience and loyalty.

Key highlights include: A chance to win a free flight when you send £/$/€1,000 through Taptap Send, bonus credits for your next transfer and recipients in Ghana can win prizes from a giveaway pot of GHS 100,000.