Ghanatodayonline.com News, Politics, Health, Education & More
In terms of remittance flows to Africa in 2023, Ghana came in second, according to the World Bank’s 2024 Migration Development Report.
In 2023, the nation’s remittance receipts totaled $4.6 billion, trailing only Nigeria’s $19.5 billion.
Following with remittance inflows of $4.2 billion, $3.1 billion, and $2.9 billion, respectively, were Senegal, Kenya, and Zimbabwe.
According to the report, remittance flows to Sub-Saharan Africa were more consistent and about 1.5 times larger than foreign direct inflows in 2023.
In many nations, remittances have surpassed exports of major goods like tourism, tea, coffee, and horticulture, making them the main source of foreign cash earnings. Kenya is one of those countries.
The report also showed that while remittances to Nigeria fell by 2.9 percent to $19.5 billion in 2023, substantial growth in remittances in Uganda, Rwanda, Kenya, and Tanzania drove regional remittance growth in 2023.
Remittances are an important source of foreign exchange earnings for several nations in the region, as highlighted by the World Bank report.
Source: Ghanatodayonline.com
