Zim among Africa’s top 5 diaspora funds recipients

ZIMBABWE is among 10 African countries that received the highest remittance inflows in 2021.

According to the 2021 World Bank report, the country received US$2 billion and most recipients said the bulk of the money was meant for food and school fees.

Labour and Economic Development Research Institute of Zimbabwe economist Prosper Chitambara said the country was greatly benefitting from the money to revive the economy since it ends up being absorbed into the banking system.

“The money sent helps to alleviate poverty in the country as a big chunk of the money is used to buy food,” he said.

Chitambara added that if planned properly, government could actually borrow from people in the diaspora and invest.

Nigeria tops the list with US$19,2 billion, followed by Ghana (US$4,5 billion), Kenya (US$3,7 billion), Senegal (US$2,7 billion) and then Zimbabwe.-newsday