The link between remittance inflows and financial development in Ghana: Substitutes or complements?

This empirical paper explores the link between remittance inflows and financial development in Ghana from 1980–2019. Empirical analyses are carried out using ARDL VECM, DOLS, CCR FMOLS techniques. Furthermore, IRF forecast FEVD were employed to comprehend better development’s response shocks other macroeconomic factors. The results demonstrate that variables cointegrated, was found be beneficial both short long run. analysis, positive have a favourable influence on development. investigation suggests migrant accounted for almost 32% of overall variations implication is that, policy perspective, well-structured strategies should devised executed promote higher flows via official conduits. will stimulate economic growth, development, monetary benefits nation.