2021
Langue
Anglais

COVID-19: The impacts of the global crises on African remittances and countries response to this an extreme crisis

As the COVID-19 pandemic continues to afflict much of the global economy, the flow of African remittances is likely to suffer substantially. Therefore, the aims of this review were to assess and complied the possible impacts of the COVID-19 pandemic on African remittances and highlights the key responses undertaken in the continent, which could be useful and provided necessary information on the ongoing COVID-19 pandemics in the continent. This review revealed that the COVID-19 pandemic is inevitably affecting remittance-dependent African countries through devastating impacts on the global economy in the destination countries, and restrictions on travel and high cost of sending remittances to their home country.As a result, remittances to Africa are expected to decrease significantly by around 8.8% between 2019 and 2020, from $48 billion to $44 billion. Hence, this review draws practical lessons for African countries to tackle the impacts of COVID-19 pandemic on African remittance inflows. It argues that governments need to design and undertaken comprehensive relief measures, monetary and fiscal policy recovery policies to address problems related to the falling of remittances towards Africa due to the pandemic. Therefore, flexible country level and region-wide collaborative efforts should be made to mitigate the expected decline of remittance inflows to African due to the COVID-19 pandemic.