Sending money to family and friends in another country can be a challenging experience, especially when it comes to countries like Ghana in West Africa. Many Ghanaians have migrated to other countries, including the UK, in search of better opportunities, but they often face obstacles when it comes to transferring money back home.
High fees, slow transfer times, and limited payment options can all be pain points for those looking to send money to Ghana. However, with the right knowledge and tools, it is possible to make the process easier and more affordable.
In this article, we will explore how to transfer money to Ghana, including online money transfer, bank transfer, and mobile wallet transfer options, while also discussing Ghana’s economy and recent issues that could affect the financial situation of local people.
Getting to Grips with Ghana
Ghana is a developing country with a growing economy. However, like many developing countries, it still faces challenges regarding poverty and inequality. According to Oxfam, approximately 24% of Ghanaians live below the poverty line, some on just US$1 per day.
Many Ghanaians have migrated to other countries, including the UK, in search of better job opportunities and a higher standard of living. These migrants often send money back home to support their families and communities. In fact, one source indicates that personal remittances to Ghana amounted to over $4.7 billion in 2020. This money is gratefully accepted and used to pay for basic needs like food, healthcare, and education, as well as to invest in businesses and infrastructure.
Local Challenges and Crises
Sending money to Ghana can be especially important in times of crisis. For example, during the COVID-19 pandemic, many Ghanaians lost their jobs or saw their incomes reduced. Remittances from abroad helped to support these families and communities during a difficult time.
Additionally, in 2021, the Bank of Ghana, the country’s central bank, revoked the licenses of some banks and financial institutions due to concerns about their financial stability. This move was part of the Bank of Ghana’s efforts to strengthen the financial sector and improve the stability of the country’s banking system. While this is a positive step towards a more stable financial sector, it could also have some negative consequences for local people.
The revocation of these licenses could make it more difficult for some Ghanaians to access financial services, particularly those in rural areas. With fewer banks and financial institutions available, people may have to travel further to access financial services or rely on alternative methods of payment. This could be particularly challenging for those who rely on financial services to run their businesses or support their families.
In addition, the revocation of licenses could lead to increased fees and charges for financial services. With fewer banks and financial institutions in operation, those that remain may be able to charge higher fees for their services. This could make it more expensive for Ghanaians to access financial services, particularly those who are already struggling financially.
Overall, while there are some challenges facing Ghana’s financial sector, there are also opportunities for growth and improvement. By promoting digital financial services and strengthening the sector, Ghana continues to develop its economy and improve the financial situation of local people.
Transferring Money to Ghana
Now, let’s look at how to transfer money to Ghana. One simple and affordable option is to use an online money transfer service like Mukuru.
Mukuru is a popular option for sending money to Ghana, as well as other African countries. To use Mukuru, you’ll just need to download the app and create an account in a few effortless steps. Once you’ve created an account, you can select Ghana as your recipient country and enter the amount you want to send.
Mukuru accepts payments via debit and credit cards and bank transfers. We also have a network of local partners in Ghana such as MTN and Vodafone, which makes it easy for recipients to receive their money. Mukuru’s fees and exchange rates are competitive, and we offer a price calculator on our website so you can see how much your transfer will cost.
In brief:
Follow the prompts on your app or on our website, where you will need to input:
- The name and cell number of the recipient
- The country you wish to send money to
- The receipt method
- The amount you want to transfer
- Your preferred method of payment
You will receive an email and push notification with an order number which is your reference for this transaction.
Get Started the Simple Way
If you’re living in the UK and looking for a transparent and simple method of transferring money home to friends and family, then you’re in the right place. With just a few taps on your phone, you can be sure that your loved ones are getting the financial help they need – when they need it.
Download the Mukuru app here, and let’s get started.
