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COVID-19: decline in remittances

Business Africa

Remittance service providers should be classified as essential in times of crisis.

This is the International Fund for Agricultural Development’s plea to governments around the world as International Day of Remittances to Families was marked on June 16.

But there has been a slowdown in remittances due to the coronavirus pandemic this year, yet in 2019, the UN reported remittances surpassed foreign direct investment as the main source of capital inflows to developing countries

Details with William BAYIHA and Eric OTENG