Abstract One 2009

About

GLOBAL

DEVELOPMENT STUDIES

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Volume Five Winter 2008-Spring 2009 Numbers 3-4.

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THEME: GLOBAL LABOR MIGRATION AND EMERGING TRENDS IN DEVELOPMENT FINANCING:

AN ASSESSMENT OF THE SOCIAL AND ECONOMIC IMPCT OF MIGRANT (WORKER) REMITTANCES

IN SUB-SAHARAN AFRICA

INTERNATIONAL REMITTANCES AND ECONOMIC GROWTH IN AFRICA

John C. Anyanwu** Andrew E.O. Erhijakpor

Chief Research Economist Lecturer

Development Research Department Department of Accounting,

African Development Bank Banking and Finance

Temporary Relocation Agency Delta State University

BP 323, 1002 Tunis, Tunisia Asaba Campus, Asaba, Nigeria

E-Mail: J.ANYANWU@AFDB.ORG E-Mail: erhijakpor@yahoo.com

Published Online: March 15, 2017

ABSTRACT

Recently, there has been a considerable debate regarding the relative contribution of international migrants’ remittances to sustainable economic development. While the rates and levels of officially recorded remittances to developing countries have increased enormously over the last decade, academic and policy-oriented research has not come to a consensus over whether remittances contribute to economic growth. This article investigates the impact of migrant remittances on economic growth in African countries, using panel data over the period 1990-2005. After reviewing the relevant literature on remittances, it analyzes the size and significance of remittance flows to African countries. It highlights the limitations in data and then outlines the research design for the empirical analysis of the impact of remittances on economic growth. The results suggest that remittances have a positive impact on economic growth in African countries. The article then suggests some policy options to enhance these flows and maximize the benefits to these countries.

* The views expressed in this article are those of the authors and in no way represent those of their respective employers.

** Corresponding author.