African economies have received remittances amounting to 66 billion USD in 2015, the African Union disclosed.
According to a press release issued by the AU, international remittances have become a major source of foreign currencies for most of African countries and have been found to be more stable and dependable than other forms of foreign currency inflows such as Foreign Direct Investment (FDI) and Overseas Development Aid (ODA).
The five top countries that are sending remittances to Africa are the United States, Saudi Arabia, France, United Kingdom and Italy in descending order.
Intra-Africa remittances represent 20 percent of the total remittances, the press release stated, adding that Cameroon (2, 15 billion USD), Cote d’Ivoire, (1, 66 billion USD), South Africa (1, 06 billion USD), Ghana (1 billion) and Nigeria (09 billion USD) were the five top African sending countries to other countries within Africa.
The top ten African remittances receiving countries are Nigeria, Egypt, Tunisia, Algeria, Ghana, Senegal, Kenya, Uganda, Mali and South Africa, ranging from USD 20, 66 billion to 0, 87 billion USD, it was indicated. (AU)