$4.7bn remittance inflows makes Ghana the 4th largest recipient in Africa, World Bank says
Ghana is ranked the fourth highest recipient of remittance inflows on the African Continent by the World Bank.
This is due to some $4.7bn remittance inflows recorded for the year 2022.
According to the World Bank, in the post-COVID period, remittances have become even more important as a source of external financing for countries globally.
In 2022, remittance flows to low- and middle-income countries increased by 8 percent, to reach $647 billion.
In Sub-Saharan Africa, remittance flows reached $53 billion in 2022, a 6.1 per cent increase from the previous year, following the strong growth of 16.3 per cent in 2021.
Remittance inflows to the region are, however, projected to rise by 1.3 and 3.7 per cent in 2023 and 2024, respectively.
Egypt was the largest recipient of remittances in the region with $28.3 billion in 2022. However, this represents a 10 per cent decline after reaching a record high of $31.5 billion in 2021.
Egypt was followed by Nigeria with remittance inflows of $20.1bn.
Here are the top 10 African countries with the highest diaspora remittance inflow according to the World Bank:
| Rank | Country | Amount ($billion) |
|---|---|---|
| 1 | Egypt. Arab Rep | 28.3 billion |
| 2 | Nigeria | 20.1 billion |
| 3 | Morocco | 11.2 billion |
| 4 | Ghana | 4.7 billion |
| 5 | Kenya | 4.1 billion |
| 6 | Tunisia | 3.1 billion |
| 7 | Zimbabwe | 3.1 billion |
| 8 | Senegal | 2.5 billion |
| 9 | Algeria | 1.8 billion |
| 10 | Congo, Dem. Rep. | 1.7 billion |
