Africa: Continent Remains Poor Despite Huge Money Transfers - Expert

Despite the huge sums of money Africa gets from international money transfers and other remittances, the continent's economic development has remained stunted over the years.

The Executive Director of the Institute of Financial Development Studies, IFIDS, Simon Awanchiri, expressed this regret in a press conference on February 10 in Yaounde.

While announcing that IFIDS would be charting different strategies to reverse this ailing economic paradox in Yaounde from November 23 to 25, Awanchiri said Africa only receives a circa seven percent of the global volume of remittance flow.

The meeting dubbed Remittance International Conference will be organised by IFIDS in partnership with Cameroon's Ministry of Finance African.Quoting a World Bank study, Awanchiri said a staggering US 250 billion dollars came into developing countries in 2006. Read More