Africa’s Diaspora to the Rescue
Official statistics for 2009 are likely to show that migrants’ remittances fell sharply, as the global recession severely eroded job opportunities abroad. That makes it all the more important that African countries, many of which have paid a strong groundwork for sustainable growth, have a financial system in place that can leverage remittances effectively as the global economy recovers.
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DAKAR – There is something dismally familiar about the tide of news reports concerning Africa’s increased suffering – more poverty, malnutrition, civil strife, and death – in the face of the recent global financial crisis. Almost everywhere, the media translates academic conclusions into graphic illustrations of brutality and despair in places such as Guinea and the Democratic Republic of Congo.