Moroccan expatriates represent the third-largest community in remittances to their home country in Africa, with $11.2 billion received in 2022, according to the Mo Ibrahim Foundation’s latest report.
In the report entitled “Financing Africa: Where is the Money?“, Egypt and Nigeria surpassed Morocco with $28.3 billion and $20.1 billion respectively. The three countries account for 61.1% of the overall funds received from the continent’s diaspora.
The other top 10 African countries receiving diaspora remittances in 2022 included Ghana ($4.6 billion), Kenya ($4.1 billion), Zimbabwe ($3.1 billion), Senegal ($3 billion), Tunisia ($2.8 billion), followed by Somalia and Algeria ($1.7 billion each).
The report revealed that around 160 million individuals born in Africa live and work outside the continent. The funds they transferred support around 200 million family members, representing a crucial source of foreign exchange.
Compared to the rest of the world, Africa captures 12.3% of the funds sent by the diaspora. In 2022, a total of $96.7 billion was remitted by the African diaspora to the continent. This amount constitutes 3.5% of the continent’s GDP.