Remittances to Sub-Saharan Africa reached US$54 billion in 2023
Recorded remittance inflows to Sub-Saharan Africa rose from US$42 billion in 2017 to an estimated US$54 billion in 2023, after a slight dip from 2022.
Recorded remittances to Sub-Saharan Africa reached an estimated US$54 billion in 2023, a slight 0.3 percent drop from 2022 [S1]. Flows have grown from US$42 billion in 2017, and the World Bank forecasts US$55 billion in 2024 and US$56 billion in 2025 [S1]. For all low- and middle-income countries, recorded remittances of about US$656 billion in 2023 exceeded foreign direct investment by more than US$250 billion [S1][S2]. The honest caveat: that remittances-versus-FDI gap is the global low- and middle-income aggregate, not a Sub-Saharan Africa figure, and recorded totals miss large informal transfers, so the real inflow is higher.
- Remittances to Sub-Saharan Africa hit about US$54 billion in 2023.
- Flows climbed from US$42 billion in 2017 to US$54 billion in 2023.
- For low- and middle-income countries, remittances outstripped FDI by over US$250 billion in 2023.
- TIER A World Bank / KNOMAD, Migration and Development Brief 40: Remittances Slowed in 2023, Expected to Grow Faster in 2024 (June 2024). https://documents1.worldbank.org/curated/en/099714008132436612/pdf/IDU1a9cf73b51fcad1425a1a0dd1cc8f2f3331ce.pdf
Table 1.1 remittance inflows to Sub-Saharan Africa 2017-2023 and US$54 billion for 2023. Forecasts for 2024-2025. US$656 billion recorded remittances to low- and middle-income countries in 2023. - TIER A World Bank / KNOMAD, Migration and Development Brief 39: Leveraging Diaspora Finances for Private Capital Mobilization (December 2023). https://documents1.worldbank.org/curated/en/099740408142422676/pdf/IDU184dfd61b1e135142421a20213728b2e8fa86.pdf
Recorded remittances to low- and middle-income countries exceeded foreign direct investment by more than US$250 billion in 2023.