Despite a Record Breaking 2018, Kenya Diaspora Remittances Ranks 64th in World, 6th in Africa

0
367

Data available from Central Bank of Kenya, as well as from the World Bank, puts the cumulative tally of money sent to the motherland by Kenyans in Diaspora, in 2018 at Sh247 billion. Approximately 45% of this represents the economic flow from North America, or Sh111 billion if you want.

And this is before you scratch the surface to see what is underneath….

In terms of Diaspora remittances, Kenya is ranked 64th in the world. Indians in Diaspora are no joke. In 2018 they sent $80 billion to their country of origin, and rank first in the world.

Egyptians in Diaspora sent $25. 677 billion back home, quite a handsome sum enough to see them occupy the top spot in Africa relative to remittances. Nigerians sent back home $25.081 billion. Moroccans take third slot in Africa, having remitted $7 billion. Kenya takes the 6th spot in Africa (Ghana and Senegal are the other African countries ahead of Kenya).

The 2018 remittances by Kenyans in Diaspora are equal to 2.4% of the GDP.

Can you imagine if there were concerted efforts by all stakeholders to get Diaspora remittances as share of GDP to 5%, or 7%. By the way 32% of Tajikistan GDP, you guessed right, is Diaspora remittances. I mean Kenya Vs Tajikistan? Give me a break!

What happened to the Diaspora council? hmmmmm…..Anybody who cares to dust off the Diaspora policy ensure all that it envisages are implemented?

Research shows that African in America Diaspora contribute slightly more than $10.1 billion in federal taxes, $4.7 billion in state and local taxes, and have $40.3 billion in spending power.”

In Texas alone, the spending power of Africans in Diaspora is pegged at $4.7 billion. A close second, is spending clout of Africans living in California.

You wonder why Indian Prime Minister Modi loves his Diaspora people? You have your answer. Infact, in a speech a few years ago, Modi courted them:

“In you, India has a brain deposit. We no longer look at you as brain brain… India will always make withdrawals from these deposits for the sake of our motherland…”

Comments

comments