International remittances has become a major source of foreign currencies for most of African countries and have been found to be more stable and dependable than other forms of foreign currency inflows such as Foreign Direct Investment (FDI) and Overseas Development Aid (ODA). In 2015, African economies received - both from overseas and Intra-African corridors – officially recorded remittances amounting to US$ 66 billion.
The five top sending countries to Africa are United States (US$ 8,87 billion), Saudi Arabia (US$ 8,36 billion), France (US$ 6,72 billion), United Kingdom (US$ 5,51 billion) and Italy (US$ 3,36 billion).
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Intra-Africa Remittances represent 20 percent (US$ 12,8 billion). Cameroon (US$ 2,15 billion), Cote d’Ivoire(US$ 1,66 billion), South Africa(US$ 1,06 billion), Ghana (US$ 1 billion) and Nigeria (US$ 0.9 billion) are also the five top African sending countries to other countries within Africa.
The top ten African remittances receiving countries are Nigeria (US$ 20,66 billion), Egypt (US$ 19,71 billion), Tunisia(US$ 2,35 billion), Algeria (US$ 2,0 billion), Ghana (US$ 2,0 billion), Senegal (US$ 1,61 billion), Kenya (US$ 1,56 billion), Uganda (US$ 1,07 billion), Mali (US$ 0,89 billion) and South Africa (US$ 0,87 billion).
Impact of remittances vary across the continent and compared to GDP, remittances have become very significant in many countries such as Liberia (24.6%), The Gambia (21.2%), Comoros (20.2%), Lesotho (17.4%) and Cabo Verde (10.5%). Though recorded remittances flows to and within Africa are stable and growing, they are still significantly understated as large volume of remittances are being sent through informal/unregulated channels.
The African Institute for Remittances (AIR), in the framework of its Technical Assistance/Capacity building programmes, is working with AU Member States and Partners, towards improvement of remittances data measurement, compiling and reporting systems in Africa. The Institute has started consultations with several Central Banks in AU Member States in this regard. Consultative forum was held in Naivasha, Kenya, in December 2015 followed by a Consultative and Stock-taking workshop in Harare, Zimbabwe, from 10-12 August 2016 and nine Central Banks have already been identified to benefit from the technical Assistance in the 2016/2017 period. In the coming months, AIR will firm up country-specific TA programmes.
For more information contact:
African Institute for Remittances (AIR) | E-mail: Secretariat@auair.org I Web Site: www.au-air.org I Nairobi | Kenya
For further information:
Esther Azaa Tankou | Ag. Director of Information and Communication | African Union Commission I E-mail: Yamboue@african-union.org I Tel: +251 911361185
Directorate of Information and Communication | African Union Commission I E-mail: DIC@african-union.org I Website: www.au.int I Addis Ababa | Ethiopia
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Directorate of Information and Communication
Directorate of Information and Communication | Information and Communication | African Union Commission
Tel: +251-11-5517700 | Fax: | E-mail: DIC@africa-union.org | Web:www.au.int
Addis Ababa | Ethiopia
