Monday December 5, 2022 – 10:56
Remittances from migrants worldwide are expected to grow by 4.9% in 2022, despite an unfavorable context, to reach 626 billion dollars. In Africa, these will exceed, for the first time, the 100 billion dollar mark, according to World Bank estimates.
Despite the difficult global economic situation, global migrant remittances continue to grow. In 2022, these should increase by 4.9% to settle at 626 billion dollars. This is a growth down by half compared to that recorded in 2021. Regarding the African continent, which needs these remittances the most because it is more strongly affected by the impacts of the surge in world prices of energy and food commodities, as well as the effects of severe droughts affecting some of its regions, remittances are expected to continue to increase in 2022 and 2023. In sub-Saharan Africa, remittances from migrants will grow by 5.2% , up from 16.4% last year, to reach $53 billion. For the North Africa and Middle East region, transfers are expected to grow by 2.5%, compared to 10.5% in 2021, to $63 billion. In total, the continent should see remittances from its diasporas exceed $100 billion in 2022, according to estimates established by the World Bank.
As in previous years, it is Egypt that retains its rank as the first receiver of migrant transfers to Africa. In 2022, the amount of transfers should reach 32.3 billion dollars. With a diaspora of more than ten million members, many of whom live in the Gulf countries, transfers are the country’s primary source of foreign currency. Egypt is ahead of Nigeria, the most populous country on the continent and which has a strong diaspora in the United States and the United Kingdom, whose remittances are expected to reach 20.9 billion dollars this year. Morocco comes in third place with transfers estimated at 11.4 billion dollars in 2022 thanks in particular to its strong diaspora settled in the countries of the European Union (France, Spain, Belgium, the Netherlands, etc.). Besides these three countries, the continental top 10 includes Ghana ($4.7 billion), Kenya ($4.1 billion), Senegal ($2.7 billion), Tunisia ($2.1 billion). billion), Zimbabwe ($2.0 billion), Algeria ($1.8 billion) and the Democratic Republic of the Congo ($1.7 billion).
Other countries expected to be among the top recipients of migrant remittances in Africa are Uganda ($1.1 billion), Mali ($1.1 billion), South Africa ($1.0 billion) and Sudan ($1.0 billion).
The Top 10 African countries receiving migrant remittances in 2022
Amount (in billions of dollars)
Democratic Republic of Congo
Source: World Bank