Money Transfer: Discover those African Countries that Have Received the Most Funds from their Diasporas in 2017 - AFRICAN PARLIAMENTARY NEWS



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Thursday, September 13, 2018

Money Transfer: Discover those African Countries that Have Received the Most Funds from their Diasporas in 2017

For more than a decade, international financial institutions have been interested in the evolution of money transfers in Africa. It is therefore common to come across reports from this study. In this exercise, the World Bank is not stingy in publishing data.

Thus, in a report published by the Bretton Woods institution on April 22, we learn that five African countries capture 80% of total transfers from the continent. Nigeria and its 180 million inhabitants are in the lead, followed by Egypt and Morocco. Ghana and Algeria close the pack.

Nigeria is the sub-Saharan African country that received the most remittances from migrants in 2017, according to the World Bank. The most populous country on the continent received US $ 22 billion in the past year, compared with 19% in 2016.

According to the same report Migration and Remittances: Recent Developments and Prospects, Egypt is in second place with US $ 20 billion, while Morocco is in third place. podium with 7.5 billion US dollars.
After the Nigerian leader, two other West African countries are among the leaders in the money transfer of immigrants. Ghana and Senegal. With an amount of 2.2 billion US dollars for each. Next come Algeria (2.1 billion), Kenya (2 billion), Tunisia (1.9 billion), Uganda (1.4 billion), Mali (1 billion), South Africa (0.9 billion), Ethiopia (0.8 billion), Liberia (0.6 billion) and Burkina Faso (0.4 billion).

The report released on the sidelines of the World Bank Group and IMF Spring Meetings also notes that remittances represent a particularly important part of the GDP of countries such as Liberia (27%), Comoros (21%) and Liberia (27%). ), Gambia (21%), Lesotho (15%), Senegal (14%) and Cape Verde (13%).

The World Bank reports that overall remittance flows to all sub-Saharan African countries have increased from $ 34 billion in 2016 to $ 38 billion in 2017, thanks in particular to the recovery of the global economy and the gradual rise in oil prices.

Sources of the International Fund for Agricultural Development (IFAD), in 10 years, Africa received $ 60.5 billion (2016) from its nationals abroad, against $ 44.3 billion (2007) ), an increase of 36%, according to IFAD.

According to the organization, more than half of the money collected on the continent by migrant families is destined to satisfy basic needs such as food, housing or clothing.

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