Africans Abroad Send More Money to Africa than Aid workers
Africans are sending more money home than Aid Donors. Well well well.
Analysis of cash flows by Hong Kong-based Ghanaian academic Adams Bodomo shows that Africans living outside the continent send more money home to their families than is sent by traditional Western aid donors in what is called Official Development Assistance (ODA).
In 2010 - the most recent year for which meaningful comparisons can be made, according to Mr Bodomo - the African diaspora remitted $51.8bn (£34bn) to the continent.
In the same year, according to World Bank figures, ODA to Africa was $43bn (£28bn).
"I started the research to see if I could support a hunch I had that money remitted by African families was more efficient aid than ODA money," the Ghanaian professor Even if other outside aid were included, Mr Bodomo thinks money sent by relatives would still far exceed it because much of the "family aid" is sent through informal channels.
"In the case of Africa, about 75% of remittances are sent informally - we can't track that," he said.
"About 12% of diaspora money sent home through formal financial channels is swallowed up by bank fees. Governments should find ways to reduce this so more funds get to people who need them."