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African Diaspora Remittances are Better than Foreign Aid Funds

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  • Adams Bodomo

Abstract

In this article, two sources of socio-economic development finance for Africa, African Diaspora remittance funds and Overseas Development Assistance (ODA) funds, are compared. It is argued that Diaspora remittance funds constitute a better alternative to ODA funds for the development of Africa for a number of reasons. Not only have Diaspora remittance funds outpaced ODA funds, but they are more efficiently deployed for the development of the African continent in three main ways. The funds are less likely to be misspent as compared to the misappropriations and legendary inefficiencies in the foreign aid industry. Diaspora remittance funds, as gifts of love, are better focused on building the family and hence the nation. The distribution of these Diaspora remittance funds is far more efficient than ODA funds since these monies go directly to paying school fees, building houses and growing businesses. Some proposals are made to indicate how African governments can facilitate more remittance funds over and above ODA funds.

Suggested Citation

  • Adams Bodomo, 2013. "African Diaspora Remittances are Better than Foreign Aid Funds," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 14(4), pages 21-29, October.
    • Handle: RePEc:wej:wldecn:570
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    File URL: https://www.worldeconomics.com/Journal/Papers/Article.details?ID=570
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    Cited by:

    1. Jennifer Melvin, 2019. "Optimising the Role of Sub-Saharan African Remittance Senders in Sustainable Development," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 31(3), pages 684-702, July.
    2. Gil S. Epstein & Odelia Heizler (Cohen), 2016. "Networks in the Diaspora," RF Berlin - CReAM Discussion Paper Series 1604, Rockwool Foundation Berlin (RF Berlin) - Centre for Research and Analysis of Migration (CReAM).
    3. Adebayo Adedokun, 2015. "Invigorating foreign aid administration: remittances’ strategy, pro-poor and gender focus," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 1(1), pages 1-12, December.
    4. Gil S. Epstein & Odelia Heizler (Cohen), 2016. "The formation of networks in the diaspora," International Journal of Manpower, Emerald Group Publishing Limited, vol. 37(7), pages 1136-1153, October.
    5. Roseline Nyakerario Misati & Anne Kamau & Hared Nassir, 2019. "Do migrant remittances matter for financial development in Kenya?," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 5(1), pages 1-25, December.

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