As African countries raise their foreign exchange earnings, more people will stay in their home countries, reducing the need for remittances. I can't emphasize this enough -- African countries need to trade more with other African countries. Doing the bulk of their business outside Africa has not substantially changed African economies for the better over the decades it has been happening.
Those who are smart in the remittance game are sending money back home to send family to school, and to use the money to buy land and set up businesses. It has way more upsides than downsides.
Did you hear that there are negative outcomes for this, like being dependent to foreign countries, labour outflows and exports of a receiving country are also affected!
@@antonynyathi7046 I agree those are negatives. Maybe they should change it back since the dollar is declining but it may be hard to get out of the trap.
Yes l agree, remittances play a good role in receiving countries.But l have a slightly different view on this,l see it as a complex modern slave trade, because of too much beurrucracy these remittances mostly benefit governments of both the sending and the receiving countries!African government must learn to improve and take care of their people and stop this slavery!
If you compare this to slavery; then you don’t understand what slavery is. Slavery means you don’t have a choice; those African workers over seas have a choice; they can quit their jobs and go back to their home countries.Nobody is forcing them to work. It’s not slavery. In slavery you don’t have a choice. And no rights whatsoever. You are owned by another human being. No comparison at all. You don’t have a clue what slavery is.
Are you really African or you don't understand the topic. How can the government take of the people? The job of the government is facilitate an environment where people can conduct business activities. There is no government that takes care of people. People pay taxes and the government managed the public wealth generated from such activities. If the people don't work and pay taxes the government will not have any money. Also try to be a slave for one day then you will realize the difference.
@@watermelontourmaline2202 You don't understand, slavery has involved so has faudalism!As long as you don't own or control the means of production you are a modern slave. Poverty and hunger don't offer choices, above all there is no free will! People follow the choices of the most powerful, you must work for someone for slave wages or else you will stave to death!
There is no way of knowing the accurate amount of money flowing into any country: I believe it’s way more: the cash Amount allowed to carry on one self leaving the U.S. is $10,000 limit; which I have carried several times whilst visiting Ghana.
This is not quite accurate. Ethiopia and Somalia are sending millions out of the country of South Africa from revenues they generate through small clothing and small grocery shop business that are spread all over the country, they (Ethio/Som) are also scattered all over the world doing various kinds of businesses and yet they are no where in the list?
