Togo : Remittances expected to exceed $400 million in 2018, according to the World Bank

Economic governance
Monday, 17 December 2018 15:04
Togo : Remittances expected to exceed $400 million in 2018, according to the World Bank

(Togo First) - This year, just like the previous one, the Togolese diaspora was one of the most dynamic in Africa, in terms of remittances. This was disclosed in a recent study of the World Bank on migration and development.

Aligning with a growth trend in other diasporas from the region, remittances from Togolese migrants to their home country should exceed $400 million (CFA232 billion) in 2018.

As a result Togo enters the Top 10 nations that get the most money from their diaspora, behind Nigeria ($25 billion), Ghana ($3.8 billion), Senegal ($2.7 billion), Kenya ($2.1 billion), Zimbabwe ($1.9 billion), Mali ($1 billion), South Africa ($900 million), Uganda ($800 million) and Ethiopia ($500 million).

According to estimates calculated based on Togo’s economic activity, Togolese remittances contributed 8.2% of GDP in 2018. In this regard, Togo is also in the top 10 sub-Saharan African nations. It shares this ranking with countries like Gambia (20.5% of the GDP), Comoros (19.3%), Lesotho (14.8%), Senegal (13.6%), Liberia (13.1%), Cabo Verde (12.8%), Zimbabwe (9.6%), Ghana (7.4%) and Nigeria (6.1%).

Last year, the Togolese diaspora sent home $483 million. Most (53%) of the monies was sent to friends and families at home, according to the 2017 official development assistance (ODA). Other statistics from the ministry of foreign affairs put Togolese remittances in 2017 at more than $500 million.

Meanwhile, it is expected that remittances to sub-Saharan Africa will increase from $41 billion in 2017 to $45 billion this year, and $47 billion next year.

However, in terms of transfer fees, the continent is far behind. In the third quarter of this year, they slumped to 8.9%, their lowest level ever. Regardless, this level remains below the global average of 6.9%. According to World Bank’s experts, the continent has many efforts to make to achieve the SDG3 which aims at 3% rate.

Fiacre E. Kakpo

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