Evaluation of the Effect of Transnational Migrant Remittance, Investment, and Knowledge Transfer on Cultural Exchange in Ghana

The primary objective of this study is to investigate transnational migrant remittance, investment and knowledge transfer on cultural exchange. To achieve this aim, a survey research approach was employed to gather data from the DuBois Centre and the Diaspora African forum in Accra. Four hundred questionnaires were distributed and 380 were successfully retrieved, yielding a response rate of 95%. This study examined two hypotheses using partial least squares structural equation modelling (PLS-SEM), and the results indicate that investment has a positive and insignificant impact on national tourism development. The study's results indicate a substantial impact of remittances on cultural exchange. This implies that financial transfers made by migrants to their home countries, referred to as remittances, have a positive effect on cultural exchange. Moreover, the findings also demonstrate that transnational migrant investment has a considerable and positive impact on cultural exchange. This suggests that as investment levels increase, so too does cultural exchange. Additionally, the statistical analysis showed that transnational migrant knowledge transfer has a significant and positive effect on cultural exchange. To encourage higher volumes of financial transfers from migrants to their home countries, it is recommended to implement policies that lower transaction fees for remittances. Providing tax breaks, subsidies, or matching funds for investments made by migrants in their home countries, particularly in sectors that promote cultural exchange, such as arts, education, and cultural tourism, can also be beneficial. Establishing exchange programs, mentorship schemes, and partnerships between local institutions and migrant communities to facilitate the transfer of skills and knowledge can further facilitate cultural exchange.