Ghanaians abroad to remit $119m to Ghana in 2010

Ghanaians living abroad have become an essential part of Ghana’s economy, and they would remit an estmated $119 million into the country in 2010, an increase from the 2009 remittances estimated at $114 million.

A World Bank publication titled Migration and Remittances Factbook 2011 indicates that remittance flows to Sub-Saharan Africa will reach $21.5 billion this year after a small decrease in 2009 due to the global financial crisis.

The publication which tracks documented private transfers of funds and migratory patterns around the world also shows that Africa-bound flows fell by about four percent between 2008 and 2009, marking the first decrease since 1995.

Worldwide, remittance flows, however are expected to reach $440 billion by end of 2010, up from $416 billion in 2009, the publication said adding that about three-quarters of these funds, or $325 billion, will go to developing countries.

It also estimates that remittance flows to developing countries as a whole will rise further over the next two years, possibly exceeding $370 billion by 2012.

According to the publication, in absolute dollars, Nigeria is by far the top remittance recipient in Africa, accounting for $10 billion in 2010, a slight increase over the previous year ($9.6 billion). Other top recipients include Sudan ($3.2 billion), Kenya ($1.8 billion), Senegal ($1.2 billion), South Africa ($1.0 billion), Uganda ($0.8 billion), Lesotho ($0.5 billion), Ethiopia ($387 million), Mali ($385 million), and Togo ($302 million).

As a share of gross domestic product, the top recipients in 2009 were: Lesotho (25 percent), Togo (10 percent), Cape Verde (9 percent), Guinea-Bissau (9 percent), Senegal (9 percent), Gambia (8 percent), Liberia (6 percent), Sudan (6 percent), Nigeria (6 percent), and Kenya (5 percent), it added.

By Emmanuel K. Dogbevi