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Join our 22 November webinar at 10:00 a.m. New York time on leveraging the power of remittances to accelerate Africa’s development. Together, let's explore the opportunities that this untapped resource could open for African economies.
The continent is at a crossroads in terms of its standing in the global financial system. Calls are growing to transform the system and put the continent in its rightful place on the system’s leadership table, yet Africa continues to contend with existing financing mechanisms that hamper its development, including the high cost of transfers, which is 8.6 per cent - significantly higher than the global average of 6.3.
Against this backdrop, Africa continues to persevere, demonstrating resilience and taking the reins of its development.
💰In 2022, remittances emerged as a crucial financial lifeline, surpassing Official Development Assistance (ODA) and Foreign Direct Investment (FDI) in Africa. They have become a primary source of finance for over 200 million African family members, showcasing their undeniable significance in the continent's economic fabric.
📈 West Africa, in particular, has seen a remarkable influx of remittances, receiving nearly $34 billion in 2022 alone. This flow of funds plays a pivotal role in regional development, yet, surprisingly, it remains underutilized as a financial resource.
🔄 Remittances have proven their worth, especially in times of economic crises. Their consistent growth and counter-cyclical nature highlight their strategic position in West African economies, offering a buffer against financial instability.
🔍 Despite their significance, remittances in Africa, particularly in West Africa, remain an untapped reservoir of financial support. Why is this the case, and what opportunities lie ahead?
Connect with us to find out more.
🔗https://bit.ly/3QLxkKw
Commissioner NY Commissioner for Gender Equity
1moMore terrific work to add to your wonderful list. 👍