Ghanaians abroad now send less money home due to COVID-19 - World Bank report

Ghanaians abroad now send less money home due to COVID-19 - World Bank report

- A World Bank report shows that remittances from Ghanaians abroad have fallen in volume since the outbreak of the coronavirus

- The 2019 rankings show that Ghana placed 11th which was a fall from the 9th position in 2018

- The top four countries for 2019 were Comoros, Lesotho, The Gambia and Liberia

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The World Bank has disclosed that the outbreak of the coronavirus has affected the inflow of remittances to Africa.

In its 2019 report, it was realised that Ghana placed 11th on the list of African countries that received the most volumes of funds from abroad.

Ghana recorded remittances of about 5% of its Gross Domestic Product (GDP) in 2019.

READ ALSO: COVID-19: COCOBOD predicts $1 billion loss to Ghana as world cocoa prices fall

It fell behind Nigeria, which secured the 10th position and Togo which was in the 7th position, a report by shows.

The first, second, third and fourth positions were taken by Comoros, Lesotho, The Gambia (13.2% of GDP) and Liberia (12.0% of GDP) respectively.

In the year 2018, the total amount of remittances to Ghana was US$3.8 billion, which was about 7.3% of GDP, making the country the 9th largest receiver in Africa.

Information available shows that the funds were mainly from the United States of America, Canada and Europe (Germany, UK, France, Italy and Spain).

However, the outbreak of the coronavirus is likely to lead to a fall of between 5% and 15% in 2020.

According to the World Bank, about a third of African countries are likely to experience a decline in remittances.

In other news, a World Bank report has projected that Ghana’s economy could have grown by 6.4% and 5.9% in 2025 and 2030 but for the outbreak of the coronavirus.

Per projections available, the economy should have grown by 6.8% of the Gross Domestic Product (GDP) in 2020, which has been considered as appreciable by economists and market watchers.

The 2020 Pulse Africa Report also shows that investments were expected to increase by 5.1%, 4.6% and 3.9% in 2020, 2025 and 2030, respectively.

READ ALSO: IMF approves $1 billion for Ghana to combat COVID-19

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