Global remittances are forecast to decline by about 20% this year as the economic crisis caused by the coronavirus pandemic shuts down business activity, the World Bank says.
This is the sharpest decline on record for what has become a lifeline for many people in Africa and elsewhere.
Migrant workers will not send as much money home because their employment and pay is vulnerable.
Globally money sent home by workers abroad to low and middle-income countries is forecast to fall by about $445bn (£360bn).
The decline for sub-Saharan Africa is predicted to be 23% and amount to $37bn this year.
The World Bank report also highlights how the cost of sending money to the region is about a third more expensive than the global average.
The average commission charged for sending $200 is 9%, but for southern Africa it can cost as much as 20%.
Latest Stories
-
Greeting and serving your husband anyhow can be an abuse – Health Coach to women
4 mins -
Woman King Crowned Queen of Miss Malaika Ghana 2024
12 mins -
TEWU-GH and TUWAG distance themselves from ongoing strike action
22 mins -
Asabea Cropper, Kwabena Kwabena, Camidoh, others billed for 2024 Rhythms On Da Runway
23 mins -
The Last Days of Pompeii… End of Ghana’s 4th Republican Dispensation or just a final curtain-call for its 5th President?
31 mins -
2024 Women’s AFCON: Black Queens to discover group opponents on Friday
58 mins -
Reject one-term Mahama, he won’t be accountable – Bawumia to Ghanaians
1 hour -
It will be a disaster to sack Otto Addo – Laryea Kingston
1 hour -
Flower Pot Interchange: Cost increased due to expanded scope of work – NRA responds to Minority
2 hours -
Election 2024: ‘We will act decisively if security is at risk’ – EC on Bawku
2 hours -
Akufo-Addo confirms Herbert Krapa as substantive Energy Minister
2 hours -
‘One Gad’ Ekow Gyan: The unsung hero saving lives at Sakumono Beach
2 hours -
‘If we can do it in 36 hours, why not?’ – EC on presidential results timeline
2 hours -
Move to Canada immediately – Ghanaian-Canadian Part 2
3 hours -
Our dear nation is at a crossroads and requires an urgent reset – NDC insists
4 hours