Ghana hosts meeting on role of remittances in African development
The cost of remittances for African migrants was the focus of a three-day meeting in Ghana, as the International Organization for Migration (IOM) and other stakeholders looked at how to improve access.
While the money sent home to families in sub-Saharan Africa is on the rise, the cost to transfer funds remains far higher than the global average and makes it the most expensive place in the world to send money.
Such remittances to Sub-Saharan Africa grew from USD$34 billion in 2016 to $38 billion in 2017, an increase of more than 11 percent. Despite this increase – one that IOM says is a trend expected to continue through 2019 – costs to send money to the region average 9.4 per cent of the transfer amount.
Source: African Times. Red the full article here