Morocco Ranks Third in Africa for Diaspora Remittances, Receiving $12 Billion in 2024

Remittances from Moroccans in the diaspora reached 12 billion dollars in 2024, according to a report by Global South World, positioning Morocco in third place at the African level, after Nigeria, second with 19.8 billion dollars, and Egypt, leading with about 26.4 billion dollars in remittances from its diaspora in 2024. Behind Morocco are Kenya and Ghana, with remittances estimated at 4.8 billion dollars each.

On the continent, these diaspora remittances recorded a record increase of 57%, exceeding for the first time the cumulative total of official development assistance and foreign direct investment, estimated at 48 billion dollars for the year 2023, notes the report which highlights the strategic importance of these funds for beneficiary families and African economies. "Transfers from expatriate communities are now asserting themselves as a foundation of economic stability for many African countries," the study notes.