Ghana emerged as the second-largest recipient of remittances in Sub-Saharan Africa in 2023, receiving an estimated $4.6 billion, according to the World Bank’s 2024 Migration and Development Report
Nigeria topped the list with $19.5 billion, followed by Ghana, while Kenya, Zimbabwe, and Senegal trailed behind. Despite a slight decrease in remittance flows to the region, Ghana’s position highlights the significant role of remittances in the country’s economy.
The World Bank noted that remittance flows to Sub-Saharan Africa were nearly 1.5 times larger than Foreign Direct Investment (FDI) inflows in 2023 and were relatively more stable. Remittances have become the most significant foreign exchange earner in several countries, exceeding key exports in some cases.
Regional growth in remittances was driven by significant increases in Uganda, Rwanda, Kenya, and Tanzania, while remittances to Nigeria decreased by 2.9 percent. Growth of remittances to Sub-Saharan Africa is projected to recover slightly in 2024.
“The report highlights the importance of remittances in the region’s economy,” said a World Bank official. “Remittances have become a vital source of foreign exchange for many countries.”
