Togo: Remittances from migrants reached $348 million in 2014
Remittances from migrants are important to the economy of Togo.In Togo, remittances from migrants reached more than $348 million (€292 million) in 2014, according to new figures from the World Bank.
These remittances from two million Togolese based abroad meet several needs of families back home, helping to alleviate poverty and boost growth. They represent 10 per cent of GDP and contribute to a quarter of the country's national budget.
According to Antoine Gbékobou, Diaspora Program Coordinator, quoted by Ici Lomé, "there are mechanisms in place to better involve Togolese from abroad through acquiring skills for capacity building, improving the business climate and setting diaspora initiatives for local development."
These figures come as the banking sector gradually withdraws from the remittance sector to avoid exposure to money laundering and the financing of terrorist organisations.
According to the World Bank, the withdrawal of banks over time will prevent money transfer operators from continuing to provide this service.
In seeking to increase the costs of transferring funds, banks only contribute to the exclusion of the poor by denying them access to formal financial services, said the institution.