Harnessing Economic Impacts of Migrant Remittances for Development in Sub-Saharan Africa: A Critical Review of the Literature
DOI:
https://doi.org/10.14426/ahmr.v3i1.815Keywords:
Migrant remittances, Microeconomic impacts, Economic development, Sub-Saharan AfricaAbstract
The recent rise in migrant remittances across Sub-Saharan Africa is one of the
important issues currently dominating economic policy discourse in the region.
Given the large volume of remittance flows, it is obvious that they have important
positive and negative economic effects on the individual families and economies
that receive them. Therefore, this paper critically examines channels through
which remittance transfers affect microeconomic and macroeconomic activity,
and suggests policy options available to Sub-Saharan African countries in terms
of harnessing their development potential. The paper affirms that prospects for
remittances to facilitate economic development remain high provided that
recipient countries put in place institutional frameworks capable of mitigating
the malign effects and enhancing the benign effects of remittances.
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