{"id":209460,"date":"2024-08-16T04:18:59","date_gmt":"2024-08-16T04:18:59","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/08\/16\/remittances-to-ghana-reached-4-6b-in-2023\/"},"modified":"2024-08-16T04:18:59","modified_gmt":"2024-08-16T04:18:59","slug":"remittances-to-ghana-reached-4-6b-in-2023","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/08\/16\/remittances-to-ghana-reached-4-6b-in-2023\/","title":{"rendered":"Remittances to Ghana reached $4.6b in 2023"},"content":{"rendered":"

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\"\"Ghana is one of the largest recipients of remittances in sub-Sahara Africa in 2023. The second largest after Nigeria, which received $19.5 billion. Ghana received inflows amounting to $4.6 billion, according to the World Bank Migration and Development Brief for June 2024.<\/p>\n

Comparing remittances with foreign direct investments (FDIs), the Bank said remittance flows to sub-Saharan Africa were nearly 1.5 times the size of FDI flows in 2023, and relatively more stable.<\/p>\n

FDI flows to the region reached $38.6 billion in 2023, driven primarily by greenfield project announcements in Kenya and Nigeria, it said citing an UNCTAD report issued in 2024.<\/p>\n

Remittance flows to sub-Saharan Africa reached $54 billion in 2023, a slight decrease of 0.3%.<\/p>\n

According to the Bank, the largest recipients of remittances in the region during 2023\u2014measured in US dollar terms\u2014include Nigeria, Ghana, Kenya, and Zimbabwe.<\/p>\n

It said remittances have become the most important foreign exchange earner in several countries.<\/p>\n

For example, for Kenya remittances are larger than the country\u2019s key exports, including tourism, tea, coffee, and horticulture, it said.<\/p>\n

It listed the following countries as being more dependent on receipts as a proportion of GDP, and they include The Gambia, Lesotho, Comoros, Liberia, and Cabo Verde, with remittances contributing more than a fifth of GDP in the first three countries.<\/p>\n

The Bank noted that the regional growth in remittances in 2023 was largely driven by strong remittance growth in Uganda (15 percent to $1.4 billion), Rwanda (9.3 percent to $0.5 billion), Kenya (2.6 percent to $4.2 billion), and Tanzania (4 percent to $0.7 billion). Remittances to Nigeria, accounting for around 35 percent of total remittance inflows to the region, decreased by 2.9 percent to $19.5 billion.<\/p>\n

It said remittances supported the current accounts of several African countries that were dealing with food insecurity, drought, supply chain disruptions, floods, and debt-servicing difficulties.<\/p>\n

However, it notes that in countries heavily dependent on remittances such as The Gambia, Lesotho, Comoros, Liberia, and Cabo Verde, flows are projected to grow by 1.5% in 2024, adding that sending $200 to the region cost an average of 7.9%, almost unchanged from a year before.<\/p>\n

By Emmanuel K Dogbevi<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Ghana is one of the largest recipients of remittances in sub-Sahara Africa in 2023. The second largest after Nigeria, which received $19.5 billion. Ghana received inflows amounting to $4.6 billion, according to the World Bank Migration and Development Brief for June 2024. Comparing remittances with foreign direct investments (FDIs), the Bank said remittance flows to […]<\/p>\n","protected":false},"author":1,"featured_media":209461,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-209460","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nRemittances to Ghana reached $4.6b in 2023 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/08\/16\/remittances-to-ghana-reached-4-6b-in-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Remittances to Ghana reached $4.6b in 2023 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Ghana is one of the largest recipients of remittances in sub-Sahara Africa in 2023. 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