What Does It Mean to Reduction of Remittance to The Low and Middle-Income Households in Sub-Saharan Africa?

Migrants who send money to Ghana and other Sub-Saharan Africa (SSA) have tenfold increased their remittances in the last two decades, from $4.8 billion in 2000 to $48 billion in 2018. This represents a gradual rise in the number of people who have chosen to migrate in search of a better life: from 21.6 million in 2000 to 36.3 million in 2017, the number of African migrants has increased steadily.

International Financial transactions to the area are expected to fall by 9% in 2020 and 6% in 2021, respectively. According to those figures, overall remittances to Sub-Saharan Africa will be about $44 billion this year, down from $48 billion last year.

Individuals, families, companies, and countries that rely heavily on remittances (Money transfer to Ghana and other developing countries) have already been hit hard financially. The expected sharp drop in remittances will endanger developing countries’ ability to respond to the COVID-19 disease outbreak, let alone meet the Sustainable Development Goals.

What Are the Ways to Send Money to Abroad to Loved Ones During Pandemic?

Different countries are at various pandemic stages, and controls and lockdown steps differ from one country to the next. So, when sending money to loved ones in another country, make sure you choose the safest method. You may be accustomed to transferring money in person, then online or by smartphone, or to wire money to family members abroad using cash.

Even if it’s a variation from the standard and you (or your family) aren’t used to handling your finances electronically, we suggest using online money transfer services during the coronavirus pandemic. The majority of online money transfer services are simple to use and make sending money to Ghana online a simple process that is easy to monitor and manage without leaving your house.

The Bottom Line:

Keep following your government’s most recent advice on how to safeguard yourself and others, especially the most vulnerable from this pandemic. Use an online money transfer service like ACE Money Transfer for all your online money transfers to Ghana and worldwide. ACE offers 23 sending and 100 plus receiving countries without any service charge and a high exchange rate. Stay safe and Good luck.