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Can Ghanaian Expats Support the Economy of Their Country?

Can Ghanaian Expats Support the Economy of Their Country?

04 May 2023


Ghanaian expats have made numerous contributions to support their country's economy and progress. Ghanaian people have been living in many foreign established countries like The United States, United Kingdom, Germany, Australia, France etc. These Ghanaian expats work hard to learn skills and get jobs in these countries. These expats have a solid commitment to their country and families and regularly send money to Ghana to ensure better financial support. Sending remittances back home not only supports several families but also aids in the country's economic development. Let's dig deep to figure out how Ghanaian expats support their country's economy. 


Ghanaian Expats Worldwide

 

An estimated three million Ghanaians live in countries other than their home nation, with around one-third of them located in Europe and North America. These people typically migrate to foreign countries in search of better employment opportunities to earn better than what they could make in Ghana. They learn new skills, make careers, and support their families as well as the country’s economy by sending remittances to Ghana from overseas. Besides the people seeking job opportunities, many students from Ghana also move outside their homeland to seek international education, which can help them make bright careers, ensure professional growth, and achieve financial stability.


Role of Ghanaian Expats in the Economy of Their Country

 

The Ghanaians who have moved away from their homes have kept in close contact with their families and friends back in Ghana. Common examples of such connections include shared interests and activities and monetary exchanges. Families and friends depend on consistent remittances for day-to-day living expenses and during times of crisis, such as severe illness or death. 

 

The rapid growth and proliferation of money transfer organizations in Ghana attest to the significance of migrant remittances to the country's economy. Data from the Bank of Ghana indicate that remittances have grown substantially for the national economy; remittances to Ghana in 2005 amounted to over $4.5 billion, making it the largest source of foreign money. 


Ghanaian expats have made numerous contributions to the progress of their home nation beyond monetary transfers. Some expatriate Ghanaians with advanced degrees have gone home and invested in the country's traditional markets. Some Ghanaians who have lived abroad and returned have started small enterprises.

 

In contrast, others, especially those from more privileged backgrounds, have worked to implement policy reforms in their places of employment. During the past five years, the turnover rate among nurses has skyrocketed. Half of Ghana's registered nurses emigrated to the United Kingdom, the United States, or Canada. These nurses and other Ghanaian expats make an immense difference in improving the quality of life for their loved ones back home. ACE Money Transfer is always readily available for these expats to send money to Ghana online from overseas and provide financial support to their families on time.


Ghanaian Expats in Germany

 

Germany is a cosmopolitan country with a sizable community of Ghanaians. We have gathered the following points to provide you with a brief overview of some essential aspects of life in Germany. Germany is located in the heart of Europe and shares borders with nine other countries, more than any other European country. When you walk, cycle, or drive through its streets and roads, you will undoubtedly notice the international environment.

 

As an international student, you are permitted to work 240 part-time days or 120 full-time days every calendar year. After finishing your studies in Germany, you can apply for a Job Applicant Visa. If you can find work in your field of competence, you may remain in Germany for the duration of your employment contract.


Ghanaian Expats in Australia

 

Australia welcomes new entrants from Ghana with permanent residency in over 400 different occupations that Australia requires, as well as working holiday visas, student visas, working visas, and other visas. This information is for you if you want to migrate to Australia with permanent residency or spend time working in Australia temporarily.


Immigration to Australia from Ghana has increased yearly by 11.88%, making it one of the world's most extensive migration pathways for skilled human capital. Over 300,000 Ghanaians have made Australia their permanent home. People migrate to Australia from Ghana for a variety of reasons, including a brighter future for their children, a better work-life balance, extending their academics, or transferring money to their homeland.

 

Most people who emigrate to Australia from Ghana do so for personal or family reasons. Some see it as a lifelong dream, while others see it as a matter of space and quality of life. It could be because you live near the ocean and can access wide sandy beaches. For some, it's to reunite with family; for others, it's to return to where they made wonderful memories as a student or during their year in Australia on a working holiday visa.

 

Whether you work as a full-time employee or part-time as a student, transferring money to your family back home remains your critical need. ACE’s trusted remittance services allow you to make a secure, fast, economical, and convenient online money transfer to Ghana from overseas, whether you are at work, on the go, or at home. 


Ghanaian Expats in The United States

 

The United States is the largest source of foreign remittances to Ghana and ranks as the second most common destination for Ghanaians leaving the country to live permanently elsewhere. It is estimated that there are 153,000 Ghanaians currently living in the United States as expatriates. Approximately 56% of these Ghanaians who settled in the United States arrived in the country in 2000 or later.

 

Getting together with other Ghanaians is a vital aspect of living abroad and may be a significant stepping stone in understanding the American mindset and way of life. Ghanaians in the United States are part of a large community, living in cities like New York City, Los Angeles, and Washington, D.C. These Ghanaian expats have good job options, are in connection with their country, and may help their economy by sending money to Ghana.


Ghanaian Expats in the United Kingdom

 

The United Kingdom is also a popular destination for Ghanaian expats. The number of Ghanaians living in the UK increased from 56,112 in 2001 to 95,666 in 2011. Due to economic realities in Ghana at the time, most British Ghanaians relocated to the United Kingdom from the 1960s through the 1980s, following Ghana's independence from Britain in 1957. Now, most of these Ghanaians are well-settled in UK cities. There are recently three Ghanaians with seats in the British parliament:

 

  • Samuel Phillip Gyimah
  • Adam Afriyie
  • Kwasi Kwarteng


Final Verdict 

 

Ghanaian expats are strongly connected with their roots, their country and their families. No matter where they are in the world, they tend to support the economy of their homeland whenever they make a money transfer to Ghana from overseas. These remittances significantly impact the country’s economic growth by financing investments, helping to overcome the liquidity constraints, and aiding the GDP. In this regard, the most reliable and convenient remittance service of ACE Money Transfer is always there to enable these expats to transfer funds to Ghana swiftly at the highest exchange rates yet at the lowest transfer costs.


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