Seth Terkper calls for greater use of diaspora remittances to drive Ghana's development

Seth Terkper, Presidential Advisor on the Economy and former Finance Minister, urged Ghana to adopt a more strategic approach to diaspora remittances at the launch of Region 17. He argued that the funds should play a greater role in driving national development and long-term economic transformation. He noted that remittances from Ghanaians living abroad have become an increasingly important source of financing, particularly as Ghana and many other African countries face declining access to concessional loans and grants amid changing global financing conditions.

Mr. Terkper stated that countries transitioning to higher-income status must increasingly depend on domestic resource mobilisation and alternative financing mechanisms to sustain development. He stressed the need to move beyond viewing remittances solely as financial support for families, urging policymakers to assess how diaspora inflows can be harnessed more effectively to stimulate economic growth. According to him, remittances already contribute significantly to sectors such as housing, entrepreneurship, investment, and skills transfer, and could have an even greater impact if supported by the right policies. Mr. Terkper also observed that the evolving global economic landscape requires Ghana to strengthen its domestic financing capacity, explaining that countries with growing economies are expected to rely less on external assistance and develop sustainable sources of development financing. He acknowledged that Ghana's recent debt crisis and sovereign default had undermined investor confidence, emphasising the need for consistent economic management and credible policies to rebuild trust among both local.