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Business News of Monday, 9 April 2007

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Ghanaians Abroad Remitted US$4 Billion

... i.e. 57% of remittances to sub-saharan Africa
President Kufuor has stated that remittances from Ghanaians abroad, in 2006, was US$4 billion.

A World Bank report (website) estimates remittances, through official channels, by migrants from all Sub-Saharan Africa countries at about $US7 billion for 2006. Consequently, If President Kufuor's estimate reflects only transfers through official channels, then it implies 57% of remittances sent home by migrants to sub-saharan Africa and 2% of the world's remittances emerges from Ghanaians.

According to the president, the increases in remittances, which had kept on growing over the past six years, were a manifestation of the confidence Ghanaians abroad had in the government

Kufuor made the statement when he addressed a grand durbar of the chiefs and people of the Kwahu Traditional Area at Abetifi in the Eastern Region on Saturday.

The event, which was used to inaugurate the Kwahu Education Trust Fund, also witnessed the coming together of Kwahu citizens abroad to support those at home in raising funds for the development of the area.
The Kwahumanhene, Daasebre Akuamoah Boateng, expressed the people’s appreciation to the government for the various development programmes in the area.

He also praised the government for re-naming the Afram Plains District the Kwahu North District and called for the improvement of the area’s water supply system.

Although the well-attended programme was disrupted by a downpour, forcing the President to cut short his speech, the fund-raising segment of the durbar had bagged several hundreds of millions of cedis at the onset of the torrential rain.