Remittances represent a critical source of finance for many African economies, particularly in West Africa, where they account for a significant proportion of the sub-region's GDP (7.6 percent). In 2022, the sub-region received nearly $34 billion. In relative terms, these flows represent more than double the amount of Official Development Assistance (ODA) and Foreign Direct Investment (FDI) combined.
Despite the obstacles hindering the growth of remittances, the sub-region has witnessed the emergence of several initiatives centered around facilitating the mobilization of the African diaspora and strengthening the developmental impact of remittances through harnessing the potential of mobile money and digital payment systems.
The policy paper examines the role of remittances in the ECOWAS sub-region and the opportunities and challenges associated with engaging the African diaspora. It advocates redefining remittances as domestic resources, highlighting their potential as a catalyst for long-term growth. By identifying the main obstacles hindering remittance flows and examining selected case studies from the sub-region, the paper highlights the emerging innovative approaches and best practices, providing insights for maximizing and leveraging remittances for sustainable development. Finally, it proposes policy levers to optimize remittances' impact on economic development and achieving the Sustainable Development Goals (SDGs).
Download
- Full colour: English
Secretary-General's Reports
- New Partnership for Africa’s Development: Consolidated progress report on implementation and international support
- Promotion of durable peace and sustainable development in Africa
- Biennial report on the review of the implementation of commitments made towards Africa’s development
- United Nations system support to Agenda 2063: The Africa we want
Other Reports and Publications
- Annual Reports of the UN Interdepartmental Task Force on African Affairs
- Africa's Fiscal Space, Fragility and Conflict: A Compendium of Papers Presented at the 2022 OSAA-ACBF Academic Conference