29 Oct 2024
Are you aware of economic changes in the UK that can impact your life and disturb the process of making a money transfer to Ghana from the UK? A country's changing economy can impact its citizens. A growing economy brings people ease, peace, and opportunities. In contrast, a falling economy disturbs everyone's life. A changing economy highly impacts migrants. It affects their lifestyle, finances and future growth. Therefore, learning about economic trends is necessary for migrants to overcome challenges due to economic changes.
According to the international statistics 2019, more than 113,000 Ghanaians live in the UK. There is a lack of job opportunities in Ghana, so many Ghanaians live away from their families. These Ghanaians send money to their families to drive their household sectors. Many Ghanaians send aid home to overcome poverty and fulfill families' basic needs. In 2023, Ghana will receive almost US$4.8 billion in remittances. However, when Ghanaian migrants suffer economic challenges, it becomes difficult to maintain stability and support their families. Read the article below to learn about the impact of economic changes on migrants:
The economy of a country keeps changing with time. Economic activities are never static. This is because economic activities highly depend upon the activities and trends of a country. Economic changes are constant and affect each budgeting year. If a country receives considerable wealth from its resources like trade and taxes, it brings prosperity. However, if it receives less wealth, the government has to use state treasures, affecting the country's annual budget. The growth of the economy devises the living rate. So, Ghanaians must carefully plan their remittances and send money to Ghana from the UK in favorable conditions.
As a country's economy is directly linked to overall wealth, it impacts the cost of living. Cost of living is the minimum cost you need to live in a country. It includes the basic expenses of an individual, such as food, shelter and clothes. The government has to make strict budget policies during inflation. As a result, migrants have to pay more income taxes and residential taxes—the price for groceries and other services increases, impacting lifestyle. However, during growth and success, migrants will find the UK’s pound worth against Ghana’s local currency.
Economic changes affect the job market. Poor relations with neighboring countries can also negatively affect economic growth. When countries share good relations, they trade and do business with each other, which maintains the flow of income. Also, the countries collaborate to open firms and industries, increasing job opportunities for people. The UK has refined relationships with most of the countries. Everyone is keen to do business in the UK, increasing the employment rate and job opportunities for Ghanaian migrants. However, a lack of industrial growth and poor relationships with neighboring countries affect the employment rate.
A declining economy hardly supports the financial stability of the migrants. Therefore, it might be difficult for you to send money to Ghana online from the UK in such critical times. As a Ghanaian migrant, you will face financial challenges. Moreover, the cost of remittance also gets high, which becomes a barrier to remittance. You will not have favorable exchange rates when converting currencies. On the other hand, a robust economy ensures frequent remittance transitions at affordable rates.
Social services like medical support and access to affordable accommodation are crucial in the lives of emigrants. In the UK, you can easily find accommodation and access medical aid, but all these come with high rates. These rates even get higher during inflation or changes in economic activities. You might not find any accommodation or shelter to live in.
Economic activities play a huge role in maintaining quality education. A growing economy always spends a significant amount to provide a quality education to students. Ghanaian migrants in universities may face different academic criteria based on their economic activities. A high educational background opens multiple job opportunities, allowing migrants to find the best way to send money to Ghana from the UK.
Due to fluctuating currency rates, Ghanaian migrants might suffer financially. They can't work according to their financial plans or save money in critical times. Currently, the UK is experiencing economic growth, so it is easy for migrants to become financially stable. They can earn handsome wages, save or invest money, and use it for different purposes. They can buy land to secure their financial future.
Economic changes like increases in unemployment, low salaries, high taxes and strict remittance policies can impact the lives of Ghanaians in the UK:
In the UK, the unemployment rate is increasing. Due to technological advancement, many people have to leave their jobs. Moreover, due to a lack of new businesses, industries and factories, there are no new positions, and old ones are occupied.
Due to economic changes, Ghanaian migrants may face difficulties making an online money transfer to Ghana from the UK. According to the new policies, you must keep the original documents when sending remittances. Moreover, you have to pay a higher fee. For 1 pound in the UK, you will get 20 Cedi.
The UK housing market has seen big changes, especially with rising house prices and rent. In cities like London, it is hard to find a house because more people are looking for houses than houses available. It has caused house prices to rise, making it harder for migrants to buy a new house. People living on rent are also facing similar issues. The rents are high, but spaces are narrow and congested. It puts financial pressure on low-income Ghanaian workers.
A country's economy plays a huge role in bringing financial stability to a migrant. A robust economy devises ways to ensure the success and growth of migrants. However, a declining economy makes life challenging for expats. Although the UK is a powerful economy, it has recently suffered a lot of challenges. The living rate in the UK is high compared to Ghana; therefore, assessing essential services is costly. The UK's economic changes have had an impact on employment, cost of living, and remittances for Ghanaian migrants. Staying updated with economic conditions can help you withstand all conditions.
Changes in the UK's economy have made life tough for Ghanaian migrants. Economic activities like Brexit and the pandemic have led to higher living costs, fewer employment opportunities, and stricter immigration rules. Many Ghanaian migrants send money to Ghana from UK to support their families, but their loved ones get less due to unfavorable exchange rates. Also, the UK has redefined the visa and immigrant process, and migrants face severe difficulties in getting access to work in the UK. Ghanaians in the UK must stay prepared, adapt to these changes, and look for ways to overcome the problem.
The UK economy is still capable of catering to the needs of migrants. As economic activities impact quality of life, future security, employment rate, and educational opportunities, you must stay prepared for all kinds of working conditions. Adopting a low-income lifestyle, in the beginning, can help a migrant save money for the future and gain financial stability. Look for affordable remittance services to save money. Stay updated with economic trends and activities so you can have an idea about what is coming next.
Economic changes impact migrants' lifestyles, working opportunities, income resources, financial stability, future plans, and remittance transactions to Ghana.
Trade, investment, relationships with neighboring countries, government policies, consumer behavior, technological growth, and investment levels bring economic changes to a country.
You can overcome the impact of economic changes by staying informed about recent economic activities, monitoring exchange rates, saving money for the future, investing globally, and increasing your assets.
Nee remittance policies require identity documents at the time of transaction. You must use legal services to send money from the UK. Also, there is an increase in remittance fees and a decrease in exchange rates.
Effective ways of remittance include online ways such as microfinancing and remittance services. ACE Mooney Transfer is a highly cost-effective and trustworthy platform for sending remittances. Sending money through mobile wallets, bank cards, and microfinance banks is also affordable.
