- Ghana’s remittances increase to $3.6bn in 2020
In the year 2020 coronavirus was on the ascendancy deteriorating world’s economies,the U.K, U.S., Europe, nut Africa was the worst affected. However, this increased remittances to Africa especially top 10 countries in the Sub-Saharan Africa reports from the World Bank’s 2021 Migration and Development.
The top 10 countries World Bank’s 2021 Migration and Development focused its research on are Nigeria, Ghana, Kenya, Senegal ,Democratic Republic of Congo, Somalia, South Sudan, Zimbabwe, Mali, and Uganda.
Despite the adverse effect of the coronavirus, Ghana’s remittances in the year 2020 increased by 5% indicating US$3.6 billion. There are friends and families in the U.S, the UK, Germany, France, etc abroad who wanted to cushion their families and acquaintances in Ghana whiles there was a lock down in Ghana as well. However, according to the report, total remittances to Africa apart from Nigeria shot up by 2.3%.
“Remittance flows to the region were estimated to have declined by 12.5% in 2020. The decline was almost entirely due to a 27.7% decline in remittance flows to Nigeria, which alone accounted for over 40% of remittance flows to the region.”
“Excluding Nigeria, remittance flows to Sub-Saharan African increased by 2.3 percent, demonstrating resilience at a time of crisis. Indeed, strong remittance growth was reported in Zambia (37%), Mozambique (16%), Kenya (9%), and Ghana (5%)”, the report added.
Ghana was however not much affected as remittances to urban and rural areas went up slightly.
Top remittance recipients in Sub-Saharan Africa in 2020 (US$)
Food inflation rate indicates 6.5%, lower than the 10.8% recorded in March 2021
Non-food inflation rate was however rose up to 10.2% in April 2021, from 10.0% recorded in March 2021.
Fruits and Nuts which recorded -0.4% inflation lead to April 2021 down.
Generally, non-food inflation, Housing, water, Electricity and Gas recorded an inflation rate of 25%, down from 29% recorded in March 2021.
Transport (9.6%) and Insurance and Financial Services (9%) recorded inflation rates above the national average of 8.5%.
Lastly, the inflation for imported goods was 7.4%, up from 6.8% recorded last month, while the inflation for locally produced items was 8.7%, a decline from the 11.7% recorded last month.