The volume of remittances in Sub-Saharan Africa is expected to increase by 1.9% in 2023, reaching $54 billion. The World Bank anticipates an improvement in the flow of remittances to Sub-Saharan Africa in 2024, reaching 2.5%.
According to the World Bank's most recent report on migration and development published on December 18, 2023, migrant remittances to Sub-Saharan African countries are projected to rise by 1.9% in 2023, totalling $54 billion. The decelerated growth rate of remittances in 2023, compared to the +6.1% seen in 2022, is primarily linked to the economic slowdown in the home countries, limiting employment and wage progression opportunities for migrant workers.
Significant growth in remittances is expected in Mozambique (48.5%), Rwanda (16.8%), and Ethiopia (16%). Nigeria, which accounts for about 38% of the total migrant remittances to Sub-Saharan Africa, is expected to receive $21 billion by the end of 2023, representing a 2% increase from the previous year. The other two major beneficiaries of migrant transfers in the region, namely Ghana and Kenya, are expected to record gains estimated at 5.6% and 3.8%, respectively.
The report also indicates that the flow of remittances to Sub-Saharan Africa is expected to improve in 2024, reaching 2.5%, mainly thanks to a 3% increase in money transfers to Nigeria. The World Bank further explained that migrant remittances to low- and middle-income countries are projected to reach $669 billion this year, reflecting a growth rate of 3.8% compared to 2022. These money transfers have thus become the primary source of financing for low- and middle-income countries in 2023, surpassing by $250 billion the flows of foreign direct investments, which are more volatile.
BYD to install 200-300 EV chargers in South Africa by 2026 Fast-charging stations powered by grid...
Drones to aid soil health, pest control, and input efficiency High costs, skills gap challenge ac...
• The five-year plan allocates 388 billion pulas to boost growth and jobs.• Focus areas include tran...
• The Bank urges Nigeria to raise excise taxes on alcohol, tobacco, and sugary drinks.• Current rate...
TotalEnergies, Perenco, and Assala Energy account for over 80% of Gabon’s oil production, estimate...
Lagos launches OMI-EKO project to boost water transport Funded by AFD, EU, EIB; 75 electric ferries planned Aims to ease congestion, cut delays in...
Afreximbank’s FEDA has led a $75 million equity investment into Spiro, Africa’s largest e-motorcycle deal, expanding the fleet from 60,000 to...
(FEDA) - The Fund for Export Development in Africa (FEDA), the development impact investment arm of African Export-Import Bank (Afreximbank), has...
World Bank commits $2B to Uganda for development projects Funding resumes after 2023 suspension over anti-LGBT law Uganda also negotiating new...
Asmara, the capital of Eritrea, is often described as Africa’s modern city for its remarkable architectural heritage and forward-thinking urban design....
The Great Zimbabwe National Monument stands as one of southern Africa’s most iconic archaeological sites, a silent witness to a thriving African...