Remittances to SSA expected to go up 1.9% to $54bn in 2023

News published on Dec 27, 2023 @ 12:24 pm

The volume of remittances in Sub-Saharan Africa is expected to increase by 1.9 per cent in 2023, reaching US$54 billion. The World Bank anticipates an improvement in the flow of remittances to Sub-Saharan Africa in 2024, reaching 2.5 per cent.

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 per cent in 2023, totalling US$54 billion. The decelerated growth rate of remittances in 2023, compared to the +6.1 per cent seen in 2022, is primarily linked to the economic slowdown in the home countries, limiting employment and wage progression opportunities for migrant workers.

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