As part of the RGF, SECO commissioned a research into the Ghanaian remittances market to better understand market dynamics, to develop effective tools to improve the operating environment for remittance service providers, including winners of the RGF, and to encourage growth in and usage of formal remittances channels by the Ghanaian diaspora sending funds to their family and friends.
DMA Global was commissioned to undertake the study between June and December 2019. The focus of the research included: a review of the market structure for sending remittances to Ghana, including the products and services available and the costs of these; a literature review of previous studies completed on the Ghanaian remittances market, with a consolidation of recommendations for how to improve the operating environment; and, an assessment of the legal and regulatory framework, identifying potential bottlenecks that could be addressed to encourage the use of formal channels. Demand side research, focusing on the users of remittance channels to and from Ghana, was also a major component of the work, with DMAG teams interviewing remittances senders in the UK, USA, Nigeria, and the Netherlands. Receivers of international remittances were interviewed in Accra and Cape Coast, following consultation with remittance stakeholders in the industry on target locations. In total 99 remittance senders and receivers participated in 10 focus groups around the world.
The report detailing the findings and recommendations thereof will be published soon.