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Browsing: Education expenses
- Remittance flows to developing regions were shaped by several factors in 2022 including reopening of host economies as the COVID-19 pandemic receded.
- Remittances as a share of GDP are significant in the Gambia (28%), Lesotho (21%), and Comoros (20%).
- Industry data shows most of the funds go towards supporting families in purchase of food and household goods
Remittances to Sub-Saharan Africa grew by 5.2 percent to $53 billion in 2022 defying the effects of the global crisis.
World Bank’s report on Migration and Development however noted that the growth slowed from the 16.4 percent that was recorded in 2021.
“Remittances in 2023 are projected to soften to 3.9 percent growth as adverse conditions in the global environment and regional source countries persist,” noted the report.
Flows to Nigeria and Kenya have continued to dominate remittances to Sub-Saharan Africa although the region remains highly exposed to the effects of the global …