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Source: newsthemegh.com
Ghana placed 2nd in remittance flows to Africa in 2023, the World Bank has revealed in its 2024 Migration Development Report.
The country recorded $4.6 billion in remittance receipts in 2023. Nigeria came 1st with remittance flows of $19.5 billion. Kenya, Zimbabwe and Senegal came 3rd, 4th and 5th with inflows of $4.2 billion, $3.1 billion and $2.9 billion respectively.
According to the World Bank, remittance flows to Sub-Saharan Africa were nearly 1.5 times the size of Foreign Direct Inflows in 2023, and relatively more stable.
FDI flows to the region reached $38.6 billion in 2023, driven primarily by greenfield project announcements in Kenya and Nigeria (UNCTAD 2024).