Much of the world is now breathing a collective sigh of relief. Asian countries like Pakistan probably averted an economic crisis thanks to record remittance payments. The picture in Africa is more nuanced. Recent headlines point to a 12.5% fall in remittances to Sub-Saharan Africa in 2020. But this was almost entirely caused by a 28% drop in remittances to Nigeria, the continent’s largest economy. Excluding Nigeria from the data shows that remittance flows to Sub-Saharan Africa rose by 2.6%. This is an excellent result for developing countries, especially given that in most cases remittances now make a larger contribution to capital flows than foreign direct investment or aid. But we must not mistake this stay of execution for a full pardon. Nothing holds out indefinitely against economic gravity, especially when government support is removed. For this reason, remittances should be part of the recovery plan for all nations as they vaccinate their populations and reopen for business.
SOURCE: AFRICA.COM
More Stories
South Africa Still a Long Way Off in Building a National Culture of Human Rights
After Lawsuits and Demonstrations Led by Chagossian Women, Britain Paid Some Compensation through the Mauritian Government to the Exiled Chagos Population
Sister to Egypt’s Most Prominent Political Prisoner Takes the Fight to the UN and EU
MSI Reproductive Choices in Africa Helps Women and Girls Make Informed Decisions about their Bodies and Futures
Kenya’s ‘Linda Mama’ Policy is a Step in the Right Direction Towards Universal Health Coverage
The Women and Caregivers behind Uganda’s Model for Palliative Care
Tunisian President’s Speech was Essentially the “Great Replacement” Theory, but with a Local Twist
The UN’s Largest Annual Gathering on Gender Equality and Women’s Empowerment Tackles the Gender Digital Divide
Challenges And Opportunities – Global Survey Results On Women’s Tech Careers
WHO Director’s Insights on Health in Africa and the IIAG Results
Best Style Moments of Tems
To the World