24 Feb 2025
In 2023, more than 358,268 Sub-Saharan Africans lived in Belgium, making up 3.06% of the population. Many of them were Ghanaians. They moved to Belgium to find better job opportunities. For Ghanaians, staying updated on Belgium’s economy is essential. Inflation, GDP, and remittance flow changes can significantly impact how much you save, spend, and send to Ghana.
This article discusses how these economic trends in Belgium can influence the daily lives of Ghanaians' and their financial activities abroad. Understanding these factors can help Ghanaians in Belgium make informed financial decisions and optimize their savings and remittances.
Belgium’s annual inflation rate recently rose to 3.06% in September 2024, up from 2.86% in August 2024. But what does this mean for Ghanaians in Belgium? In simpler terms, it means higher living costs. Inflation drives up the prices of everything, from housing and groceries to transport and healthcare. So, while incomes may not immediately increase, you’re more likely be paying more for daily essentials. This can help make saving money or maintaining the amount you regularly send home challenging.
Inflation doesn’t just increase your daily expenses—it can also significantly impacts your savings. When prices go up, you may need to spend most of your income, reducing the amount you can save each month.
A smart way to protect your savings is to stick to a budget and prioritize all the necessary expenses. Set aside a specific amount for savings before covering extra costs. This way, you can continue building savings for your goals while still supporting your family back home.
Belgium’s economy is expected to reach a GDP of 621.22 billion USD by 2024. This growth can benefit job seekers and entrepreneurs alike. A rising GDP often means more job opportunities, higher wages, and better job security. Ghanaians working in healthcare, technology, and manufacturing might see a boost in employment options and salaries.
For those with a business mindset, a growing economy is ideal for launching or expanding a smaller business. More job opportunities and financial stability can make saving and sending money back to Ghana easier, helping your family live more comfortable lives.
Exchange rates can significantly impact how much your family receives in Ghana. When the Euro is much stronger compared to the Ghanaian Cedi, your financial support increases to a greater extent. It gives your family more value for every Euro sent.
However, exchange rates might fluctuate. When the Euro weakens, you might need to send more to maintain the same level of support. ACE Money Transfer can help you stay updated on exchange rates so that you can make a money transfer from Belgium to Ghana for the best possible value.
Belgium’s economy is growing, bringing new chances to earn more. However, challenges like rising inflation can make saving and sending money home more challenging. So, what can Ghanaians in Belgium do to make the most of their earnings? Here are some practical tips:
Try putting smaller amounts into savings plans or stocks. Even a little growth can help you support your family back in Ghana and make a difference over the period of time.
With Belgium’s economy growing, job opportunities are expanding too. Staying active in your job search or learning new skills can lead to better roles and more income stability.
Track exchange rates to ensure you send money when the Euro is much stronger than the Cedi. This guarantees that your family receives the most value from every transfer.
Cut back on unnecessary expenses. By spending less on dining out or shopping, you can save more or send extra cash back home to Ghana. Small changes can add up!
Understanding Belgium's economy can make a huge difference for Ghanaians living there. By being smart about your spending and planning for the future, you can better support your family back home. When it’s time to send money to Ghana from Belgium, choose ACE Money Transfer for faster, secure, and affordable transfers. Take control of your finances today, as every penny counts!
Global economic trends, changes in consumer demand, energy prices, and government policies can influence inflation in Belgium.
Consider diversifying your investments and keeping some of your savings in inflation-resistant assets like real estate, stocks, etc.
ACE Money Transfer often provides lower fees, better exchange rates, and faster transfer times than many traditional banks and remittance services.
Compare different remittance services and their fees. Look for promotions or special offers that might help reduce the costs. Using services like ACE Money Transfer, known for lower fees, can help you save more.
Yes, some remittance services might help you to send money from Belgium to Ghana using mobile wallets, making it possible to transfer funds without needing a bank account.
