Business

Zambians in US count remittances

JACK MWEWA, Lusaka
REMITTANCES from Zambians living in the diaspora to the country hit US$107 in 2018, translating to 0.40 percent of gross domestic product (GDP), making it the highest transfer of funds since 2003.
President of Zambians living in United States of America (USA) Noah Ndhlovu said in a statement that Zambians have taken it upon themselves to contribute to the development of the country’s economy.
“Zambians living in America, like those from other parts of the world, have continued to participate in growing the economy in a small way,” Mr Ndhlovu said.
He said remittances were made back home through supporting their family members, establishing and driving businesses with foreign currency injection.
“The Zambian diaspora contributes significantly to the development of the country through building physical capital, productivity, help job creation and uplifting living standards back home,” Mr Ndhlovu said.
Remittances have since 2003 been improving steadily from US$36 million, US$73 million in 2012 and US$94 million in 2017. Other lower records were affected by global economic shocks.
Mr Ndhlovu said statistics showed that the more than 8 million Africans living in Europe and 2 million living in USA collectively accounted for US$40 billion remittances in 2010.
He urged Zambian captains of industry to harness the resources represented by the Zambian diaspora through such investment capital, technical support, knowledge and political support.
Mr Ndhlovu encouraged Africans in the diaspora to continue uplifting the economies back home, regardless of the types of jobs they do.



Facebook Feed

Ad1