Ministry of Foreign Affairs & Foreign Trade
J.H. Dolphin & Associates
Minister in the Ministry of Finance and Economic Affairse
Chief Executive Office of Invest Barbados
The inflow of remittances continues to be a key contributor to economic growth in the Caribbean region, contributing to poverty reduction, overall financial stability and household incomes. These inflows represent a substantial source of foreign exchange and have a direct impact on the livelihoods of communities. The introduction of technology presents a unique opportunity to harness the full potential of remittance flows and in turn accelerate economic development.
The inflow of remittances continues to be a key contributor to economic growth in the Caribbean region, contributing to poverty reduction, overall financial stability and household incomes. These inflows represent a substantial source of foreign exchange and have a direct impact on the livelihoods of communities.
The introduction of technology presents a unique opportunity to harness the full potential of remittance flows and in turn accelerate economic development. A lazer focus on innovative strategies, policies and initiatives that can leverage remittances to create employment opportunities, support entrepreneurship and foster overall sustainable growth.
As technology continues to shape the remittance industry, there is a growing need to ensure that compliance measures do not hinder the progress of innovative financial inclusion initiatives. How we strike a balance between regulatory compliance and fostering innovation becomes a critical consideration for both B2B and B2C transactions.
The panel will address the opportunities for remittance service providers to provide efficient and secure services in the digital age leveraging innovation for an enhanced user experience.
This discussion aims to delve into the current state of the remittance market in the Caribbean region and explore the opportunities and challenges that lie ahead. We bring together a diverse group of experts and stakeholders who will share their experience and insights for realizing the transformative power of remittances. Is the Caribbean region ready to embrace the remittance revolution and leverage innovative solutions. We we will look the the necessary policy and regulatory frameworks, technological advancements and collaboration amongst stakeholders that can enhance market readiness.
Despite significant need and opportunity for remittance-linked insurance products, remittance-linked insurance products remain limited globally, and mostly unexplored in Ghana. This is due to four major challenges: partnership complexity, regulatory uncertainty, gray areas and barriers.
Remittances are particularly important on the continent and serve as a lifeline to many households. Yet insurance products that enable the sustained flow of remittances or the resilience of senders and receivers remain unexplored in Ghana.
Remittance referring to the non-commercial transfer of monies by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad. Remittance FDI speaks to the utilization of remittances received from abroad as a source of investment capital to drive economic growth and development. In 2022, the Caribbean islands as a collective received $142 bn in remittances on par with the $142.7 bn received in FDI.
Unlike typical FDI, remittance FDI focuses on harnessing the funds sent by migrant workers to support entrepreneurial activities, small businesses and various other investment opportunities in their home countries. This flow of capital offers several advantages for recipient countries, the funds can be directed towards productive sectors, driving innovation and diversifying the economic base. Through this discussion we aim to identify the role that government can play in creating an enabling environment and implementing supportive policies whilst looking at some examples of remittance-driven investments and potential best practices.