Opening ceremony of the Forum on Reducing the Transfer Costs of Remittances from the African Diaspora

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The Rabat Forum on Reducing the Costs of Remittances from the African Diaspora began today under the chairmanship of the Minister of Foreign Affairs, African Cooperation and MREs, Nasser Bourita, and his Togolese counterpart, Robert Dussey.

The forum, which brings together ministers, governors, directors of African central banks, and African experts in plenary sessions, discusses the important contributions of remittances from the African diaspora to the continent’s economic development.

At the opening session, Mr. Bourita said that the Diaspora is the 6th African region so more than 150 million Africans live in the 4 regions of the world. It is a vector of development: 100 billion dollars in 2021, including at least 10 billion dollars for Morocco in 2021, added Mr. Bourita.

However, the problem that emerges is the cost of the transfers. Transfers from the African diaspora are the most expensive in the world. They reach 8% for Africa, a rate well above the 3% rate set by the United Nations as part of the 2030 sustainable development goals, hence the need to reduce these transfer funds. explained M. Bourita.

In this context, the forum aims to give recommendations and create a steering committee to support countries and their actions to reduce the costs of remittances from the African diaspora to the continent.

Mr. Bourita also highlighted the importance of migration and the diaspora for HM King Mohammed VI, adding that African migration is not a threat but rather an opportunity for Africa and the rest of the world.

Jihan Rmili

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