MIGRANT LABOR REMITTANCE

aregbesola — Sat, 11 Feb 2006 11:37:25 +0000

Migrants have received heightened international recognition from the development community in recent times. New World Bank estimates on the volume of remittances show that documented remittance flows continue to increase at a rapid rate, putting global annual flows at US$88 billion for 2002 (revised up from earlier estimates of US$80 billion reported in the 2003 World Bank Global Development Report) and projecting $90 billion for 2003, based on trends in the first half of the year. Actual figures are generally accepted to be much higher. This means that remittance flows constitute the largest source of financial flows to developing countries after Foreign Direct Investment (FDI),and indeed in many countries exceed FDI flows.

$20 billion were sent by immigrants in 2004, about 23 dollars per inhabitant, more than the direct foreign investment ($15 billion)

& The BRAIN DRAIN
The qualified human resources is more affliging, the cost yet unkown. Examples:
Of the 600 trained doctors in Zambia since 1964, only 50 are in the country
Of the 489 medicine-degree holders of the University of Ghana in ten years, 298 have gone overseas, while the country had to call for 200 doctors from Cuba
In Ethiopia, about 30% of doctors have fled the country between 1988 and 2001
Of Nigeria, there more nigerian practionals in New York than in all of Nigeria
There are more Malawian doctors in the town of Manchester(USA) than in Malawi

This brain drain will definitely continue and touch other sectors of medicine. For example, the USA need to recruit 500 000 nurses in the 10 years to come and the UK 35 000 by 2008 .

Since independence, $1 265 billion dollars have been lent to Africa

Check out the World Bank Report on Global Development Finance.

JE N'WI T'EMI

MIGRANT LABOR REMITTANCE