Diaspora remittances to Africa increase
DIASPORA remittances to Africa as a whole withstood an onslaught from COVID-19 shocks in 2020, growing more than 80 billion US dollars on the back of fiscal stimulus extended to workers in remitting countries like the United States and Europe, according to the World Bank. This runs counter to trends that saw remittance inflows into low-and middle–income states worldwide shrink by 8 billion US dollars in 2020, due to the economic fallout from coronavirus lockdowns. Remittance growth was prevalent in Zambia, at 37 percent, Mozambique at 16 percent, Kenya at nine percent and Ghana at five percent), according to the…
