In 2023, the top ten recipient countries of remittances in Africa received $72.5 billion.
There was a slightly fair representation of the different regions in Africa among the top ten, but the list is tilted towards North Africa which had four countries in the top ten.
West and East Africa regions had three and two countries represented respectively while the Central Africa region had one only.
Remittance flows to Sub-Saharan Africa reached $54 billion in 2023, a slight decrease of -0.3% from the previous year. Remittance flows to the region are projected to rise by 1.3% in 2024.
For the MENA region where North African countries belong, remittance costs dropped by 15% in 2023 mainly propelled by a decline in remittances to Egypt.
The report stated that the decline in Egypt’s remittances was likely due to the diversion in remittances from official channels to unofficial channels due to the disparity between the official exchange rate and the parallel market rate.
10. Democratic Republic of Congo– total remittance payment to D.R Congo in 2023 stood at approximately $1.4 billion in 2023 and has recorded similar figure since 2021.
International remittances payment as a share of GDP in the country was 2%.
9. Algeria – this North African country recorded 1.86 billion in remittances- $163 million above the figure recorded in 2023.
Remittances share of GDP in Algeria was a meagre 0.8%
8. Tunisia– total remittance payment received in 2023 was $2.65 billion. This represents a decline of 5.5% when compared to the figure for 2022 at $2.86 billion.
Remittances as a share of GDP in 2023 in Tunisia was 5.2%.
7. Senegal– the lowest-ranking West African country in the list raked in $2.94 billion in 2023- a decline of $71 million from the $3.00 billion received in the previous year.
Remittances as a share of GDP is 9.3%.
6. Zimbabwe– this Southern African country recorded remittances payment of $3.08 billion in 2023- unchanged from the figure recorded in the past year.
Remittance payment as a percentage of GDP in Zimbabwe is 9.6%.
5. Kenya– the only Eastern African country among the top ten received $4.16 billion in remittances in 2023- a slight increase from the $4.06 billion received in 2023.
Remittances as a share of GDP in this country stood at 3.8%
4. Ghana– Remittances payment to Ghana in 2023 remained unchanged from the figure in 2022 at $4.63 billion. Its share of GDP for the year was 6.2%/
3. Morocco– In 2023, remittance payments to this country stood at $11.75 billion. This figure is marginally higher than $11.17 billion recorded in 2022.
Remittances as a share of GDP in Morocco stood at 8.2%
2. Arab Republic of Egypt– Internation remittances payment to Egypt in 2023 stood at $19.53 billion.
This represents the a decline of 31% when compared to the $28.33 billion recorded in 2022.
The remittance payment in 2023 is the lowest since 2017 when the country recorded around $18 billion. Remittances as a share of GDP in Egypt stood at $5.0%.
1. Nigeria: In 2023, Nigeria marginally edged Egypt to become the highest recipient of international remittances with around $23 million.
International remittances for the period stood at $19.555 billion marking a decline from $20.12 billion received in 2022.
Remittances as a share of GDP is 5.2% in 2023.
Source link : https://nairametrics.com/2024/07/07/ten-african-countries-with-the-highest-remittance-received-in-2023-world-bank/?amp=1
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Publish date : 2024-07-07 18:09:28
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