Last year, African expats sent US$60 billion back to the Motherland. The Cameroonian libertarian blogger over at AfricanLiberty.org writes: "It is however sad that Sub-Saharan Africa was the most expensive
region to send money to, with average remittance fees reaching 12.4%.
This view is shared by a February editorial by African Executive. This
is almost 12% more than the global average of 8.96% and nearly twice the
cost of remitting money to South Asia, which had the world's lowest
prices at about 6.54%. Further, the remittance fees were even higher
between African states."
Mr. Che argues that tariff and non-tariff barriers continue to hamper the progress and
development of African states: "Eradicating unnecessary tariff and non-tariff barriers will make
African entrepreneurs important players in the global trade system.
This will thus make the process of transferring money to the continent
easier, cheaper and secure, as this will translate to more investment
and business opportunities."
Chofor Che: "Why Is It Expensive For The African Diaspora To Send Money Back Home?"
