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Ghana ranks 2nd in remittances to Africa in 2023

 Ghana placed 2nd in remittance flows to Af­rica in 2023, the World Bank has revealed in its 2024 Migration Development Report.

Kenya, Zimbabwe and Sene­gal came 3rd, 4th and 5th, with inflows of $4.2 billion, $3.1 bil­lion and $2.9 billion respectively.

According to the World Bank, remittance flows to Sub-Saharan Africa were nearly 1.5 times the size of Foreign Direct Inflows in 2023, and relatively more stable.

FDI flows to the region reached $38.6 billion in 2023, driven primarily by greenfield project announcements in Kenya and Nigeria (UNCTAD 2024).

The World Bank said remit­tances have become the most important foreign exchange earner in several countries.

“For example, in Kenya, remittances are larger than the country’s key exports, including tourism, tea, coffee, and horti­culture,” the report said.

According to the report, countries more dependent on receipts as a proportion of Gross Domestic Product include the Gambia, Lesotho, Comoros, Liberia, and Cabo Verde, with remittances con­tributing more than a fifth of GDP in the first three coun­tries.

The report added that re­gional growth in remittances in 2023 was largely driven by strong remittance growth in Uganda (15 per cent to $1.4 billion), Rwanda (9.3 per cent to $0.5 billion), Kenya (2.6 per cent to $4.2 billion), and Tanzania (4 per cent to $0.7 billion).

 BY TIMES REPORTER

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