Abstract
This study examines the link between macroeconomic indicators of workers’ (formal and informal) and remittances in Rural Ghana. A number of regressions tests have been conducted and found the link between price increases, cost of borrowing in Ghana and the remittances. According to the available statistics, remittances in Ghana do not have any significant impact on the macroeconomic variables. This particular study indicated that in Ghana, if the gross domestic product popularly called GDP, increases, other things being equal, local inflows into the regions falls by -0.003%. It follows from this study, if the GDP rate in Ghana goes up, domestic interest rate decreases by -0.98%. Again, if the GDP increases by 1% change, inflation rate of Ghana falls significantly by -0.060%. In conclusion, local inflows into various regions do not react to the changes in domestic interest. From this study, remittances do not contribute significantly to the growth of this economy.
Highlights
Of late, internal migration and poverty reduction are used often and considerably to mean internal migrants looking for better economic opportunities within the country and to escape from poverty and food insecurity, tribal wars and low agricultural yields which has come as a result of climatic changes globally
This study examines the link between macroeconomic indicators of workers’ and remittances in Rural Ghana
This study has reviewed literature related to macroeconomic determinants and their influence on internal inflows into the various regions of Ghana
Summary
Internal migration and poverty reduction are used often and considerably to mean internal migrants looking for better economic opportunities within the country and to escape from poverty and food insecurity, tribal wars and low agricultural yields which has come as a result of climatic changes globally. Internal remittances have become a major source of livelihood for many households in both rural and urban areas in Ghana. A large number of active labour forces are moving round the country and sending remittances to their relatives’ home and elsewhere which is one of the major sources of their income. (Department of Labour, under the Ministry of Employment and Social Welfare and Ghana Statistical Service) have official records on the statistics of labour workers and their remittances in Ghana. It was the intention of this study to provide reliable and accurate data for our understanding of the phenomenon. The question many of us asked is: Is this situation or picture peculiar to only Ghana or it exist elsewhere in the world? The answer to this question can be found in literature of this study below
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