Economic Importance of Remittances
By Ernest L. Molua
Remittances, the portion of migrant workers’ earnings sent home to their families, have been a critical means of financial support for generations. For the most part, these flows have historically been “hidden in plain view”, often uncounted and even ignored. Remittances from Cameroon diaspora are now playing significant role in the socio-economic development of the country. The impact of remittances is now recognized in Cameroon as constituting an important flow of foreign currency and directly reaching hundreds of thousands of households. No where has the impact been felt more than the agricultural sector and rural areas that employ 70 percent of Cameroonians. However, for remittances to continue financing consumption and investment, such as in education, agricultural and housing projects, among others, the wiring channels and financial intermediaries must be assisted to provide better services. ...Read Complete Report © The Entrepreneur Newspaper 2010. All Rights Reserved . Follow The Entrepreneur News on Twitter. See Our Events in Face Book.
Comments