Diaspora remittances breath air into African finances
Migrant remittances help the financial state of countries across Africa, especially ones in North Africa. While waiting for the International Monetary Fund (IMF), report on remittances,the finances of individual countries give a sense of the current situation.
Egyptians living abroad transferred over 25 billion dollars to their home country last year, a 3.1% rise on the previous year’s total of almost 24.7 billion.
Nigerians abroad sent 22.4 billion dollars to their home countries last year, compared with 22 the previous year, and Morocco some 6.78 billion compared with 7.5 in 2017.
In most countries with a high rate of migration, remittances surpass state development aid by far. This is the case in Senegal, for example, with 2.3 billion in remittances in 2018, as well as Ghana with 2.4 billion. Remittances in both of these countries is one of the major national economic resources.