African economies have received remittances amounting to 66 billion US dollars in 2015, according to the African Union (AU).
A media statement issued by the AU Commission here Thursday said international remittances had become a major source of foreign currency for most of African countries and had 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 top five countries from which remittances are being made to Africa are the United States, Saudi Arabia, France, Britain and Italy in descending order.
Meanwhile, intra-Africa remittances represent 20 per cent of the total remittances to African countries, the statement said, adding that Cameroon (2.15 billion USD), Cote d'Ivoire, (1.66 billion USD), South Africa (1.06 billion USD), Ghana (1.0 billion USD) and Nigeria (900 million USD) were the five leading African countries from which remittances were made to other countries in Africa.
The top ten African remittance-receiving countries were Nigeria, Egypt, Tunisia, Algeria, Ghana, Senegal, Kenya, Uganda, Mali and South Africa, with the amounts sent to the these countries ranging from 20.66 billion USD to 870 million USD, the data showed.
Source: NAM NEWS NETWORK