Browsing: Migration

Youths in Djibouti. Migration has many advantages to Africa's economy which is now recovering, or dealing with the aftermath of the Covid-19 pandemic. www.theexchange.africa

Because emigrants bring with them more than just economic needs from their home countries, migration is a trade stimulant in and of itself. With this movement, there is increased demand for housing, food, transportation and other services which are beneficial to local economies. 

In addition, migrants can serve as bridges to a wider market because they promote trade and tourism in their home countries, thereby creating demand. 

The diaspora population’s needs can be met if the African economy is stimulated by the trade-in African heritage. While there are many reasons for migration, one of the most important is joblessness, both within Africa and to other parts of the world. 

AfCFTA Secretary General Wamkele Mene notes that a uniform payments platform will eliminate the costly process on converting currencies which contributes to the inefficient trade patterns on the continent.

In addition to this good news, the Covid-19 pandemic was a silver lining for Africa’s integration since the continent has to create its own solutions to its problems. As such, Africa needs not only to harmonise its financial systems but also step up productive and infrastructural integration.