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Ethiopia - Ethiopians sent $591Million Home in Remittance

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10/24/07

  06:10:55 am, by admin, 292 words  
Categories: Ethiopia, Immigration

Ethiopia - Ethiopians sent $591Million Home in Remittance

Ethiopia - Ethiopians sent $591 Million Home in Remittance Money - Report

Ethiopians in diaspora sent a total of $591 million in remittance money to Ethiopia in 2006, said a report by UN's International Fund for Agricultural Development (IFAD). The amount is nearly 4.4% of Ethiopia's GDP.

East African countries heavily depend on these flows, with Somalia standing out as particularly remittance dependent. For the entire region, these transfers are 13 per cent of per capita income and on a country-by-country average represent 4 per cent of GDP and 4 per cent of exports. Eritrea is also heavily dependent on remittances, the country received $411 million in remittance money, which amounts to 38% of Eritrea's GDP.

Sub-Saharan Africa has over 30 million people in the diaspora. Of all the world’s regions, however, Africa’s predominant migration is intraregional, the report said. Remittance flows to and within Africa approach US$40 billion. North African countries such as Morocco and Egypt are the continent’s major recipients, the report stated.

The Annual average remittances per migrant is $1,358. The Top 5 recipients of remittance money are Morocco, Nigeria, Algeria, Egypt and Tunisia.

Top 5 recipients by volume received in Africa

1 Morocco: $6.1 Billion
2 Nigeria: $5.4 Billion
3 Algeria: $5.2 Billion
4 Egypt: $3.5 Billion
5 Tunisia: $1.5 Billion

150 million migrants worldwide sent more than US$300 billion to their families in developing countries during 2006. According to the study, in 2006 Asia was the top destination of remittances, receiving more than US$114 billion, followed by Latin America and the Caribbean (US$68 billion), Eastern Europe (US$51 billion), Africa (US$39 billion) and the Near East (US$29 billion).

Taking nations individually, India received the most (US$24.5 billion), followed by Mexico (US$24.2 billion), China (US$21 billion), the Philippines (US$14.6 billion), and Russia (US$13.7 billion).

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Source: IFAD

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Have Your Say

47 comments

1 2 3 4 >>

Comment from: abraham [Visitor]
abraham

as long as for the good cause keep it up our African brother and sister.

10/24/07 @ 06:56
Comment from: hammere [Visitor]
hammere

Very small, just insignificant when compared to the number of Ethiopians
living there.

10/24/07 @ 07:40
Comment from: saba [Visitor]
saba

Early this year a European broadsheet reported that money flowing out of African countries in general and Ethiopia in particular has increased many folds. This coincided with the massive increase in foreign aid directed to Ethiopia. It is highly likely that increase in remittance will also fuel this same phenomenon. Countries like China and India effectively exploited what ever funds were available to them to accelerate their economic growth and development where as corrupt government officials in Ethiopia and the rest of African countries are stashing away stolen funds in European and American banks. One other forgotten fact fuelling the massive surge in capital flight from Ethiopia is the ease with which our government can extract funds through artificially inflated land and house prices and other means. It is almost always Ethiopians living abroad who are willing victims to this scam. Although Addis Ababa is less than a tenth the size of the biggest cities in Europe with a huge scope for expansion, Ethiopians continue to pay as much per square meter of land as they would in Europe or America. This is despite the fact that the land does not benefit from associated infrastructure like proper roads, power, water, communication, schools, health centres…

10/24/07 @ 07:47
Comment from: Nakifa [Visitor]
Nakifa

Most Ethiopians are simply mafia,even they
demand money from Ethiopia.

10/24/07 @ 07:48
Comment from: chu [Visitor]
chu

Nakifa lol like you right?

10/24/07 @ 08:44
Comment from: Yeha [Visitor]
Yeha

Its good some one got help.

Nakifa,
how about your Italin slave hashiker people? is this the modren way? I am sure you would probabaly say yes to be Italin hashiker and banda is the modern way.

10/24/07 @ 09:01
Comment from: Demeke [Visitor]
Demeke

Wow!, Eritreans $411 millions and have only 4.5 millions people. That is amazing. Good job people!

10/24/07 @ 09:01
Comment from: coolman [Visitor]
coolman

This is a lot of many. It does not even include the money sent directly through friends and family members traveling home and the money taken by the individuals themselves. The figure, most likely, reaches a couple of billions. May be an opener for those who think the Diaspora is useless.

Peace

10/24/07 @ 09:31
Comment from: Yari [Visitor]
Yari

I think Ethiopians receive more money from Ethiopia than sending it. This figure is focused on only one way. You are spending your money on burger and organize political parity extravaganza. Do something worthwhile? Look at Sudan? How many Sudanese are in the US?

10/24/07 @ 09:54
Comment from: kingsol [Member]  
kingsol

Saba,

You shed some light on what I have always suspected. Thank you for your analysis. True, the price of property in the capital is artificially inflated and we are all falling for it.

Thanks again.

10/24/07 @ 09:55
Comment from: Shewarega [Visitor]
Shewarega

Dear Diaspora,

You know how you are being insulted day and night by this hateful Eritrean occupier and his dogs. Stop, or at least reduce the money you are sending home. Do not lend a “machede” to the hateful blood sucker who dismembered your country, who dishonored your ancestors, who dismantled your provinces, and who takes every chance possible to kill Ethiopians, to humiliate your nation and family. Do not feed the monstor that is occupying you. An all out assault to boycott any foreign companies doing business with him must be done TODAY. Just lobbying foreign nations, and the likes of HR2003 is not enough. As it was the case with Apartheid South Africa, private companies dealing with the occupier must feel the heat too.

Mot for the Eritrean hater, ye mata mata ewente yereta. Ethiopia shall be free. End the ethnic bantustan, “gena ye Hamassien eyen be kuna yeseferal.” Ethiopia shall be avenged.

10/24/07 @ 09:57
Comment from: Addis [Visitor]
Addis

Hamere:
I agree … Look how much Eritreans did send.
Although their No is significantly lower than Ethios living abroad …
Cheers

10/24/07 @ 10:58
Comment from: Fed up [Visitor]
Fed up

Saba,

Before you accuse Ethiopian officials stealing and stashinig money i sugest you come up with some kind of proof, for example which banking institute is holding the funds you claim stolen, how about the amount, from what program the money was diverted to personal account to name a few. I bet you don’t have any, therefore shut the hell up.

Every one is not like you and your types who depend on stolen money to make a living.

10/24/07 @ 11:04
Comment from: tman [Visitor]
tman

Fed up,

Sounds like you’re getting nervous buddy. Its common knowledge that you guys are looting the country’s wealth in day light robbery. You dare deny that?

10/24/07 @ 11:33
Comment from: Yigermal [Visitor]
Yigermal

Fed UP,

There is already evidence and the officials were accused in the USA last year after election, remember. But still they were able to stop the court process, thanks to Al Amoudin,

Don’t worry you will return the money you took or loot one day or you wil die with it.

10/24/07 @ 11:52

1 2 3 4 >>

rebtel

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