valued at USD 800 million. This is a matter of serious concern because many countries cover their current account deficits through the flow of private capitals.
Remittances by migrants – Regarding the remittances by migrants, their reduction will have negative implications for poverty reduction and safety nets. According recent estimates, 77% of remittances amounting to USD 20 billion come from the USA and Western Europe. The first ten countries benefitting from the remittances in 20071 (in billions of dollars) were Nigeria (3.3), Kenya (1.3), Sudan (1.2), Senegal
9), Uganda (0.9), South Africa (0.7), Lesotho (0.4), Mauritius (0.2), Togo (0.2), Mali
. The first ten countries benefitting from remittances in 2006 (in percentage of
GDP) were Lesotho (24.5%), Gambia (12.5%), Cape Verde (12%), Guinea Bissau (9.2%), Uganda (8.7%), Togo (8.7%), Senegal (7.1%), Kenya (5.3%), Swaziland (3.7%), Benin (3.6%). Recent surveys have indicated that the official remittances by African migrants will fall from almost USD 1,100 million in 2008 to USD 800 million in 2009, i. e. a fall of USD 300 million (about 27%).
Official development assistance – Despite the intentions of donor countries and multilateral institutions during the recent London summit, the same tendencies could be foreseen for public flows if African countries do not mobilise themselves and if no appropriate governance is put in place to maximise public capitals mobilisation and use.
Economic activities and employment – The most affected sectors by the economic crisis are the agricultural, mining, tourism, textile and manufacturing sectors. Company closures and postponement or cancellations of projects are frequent in African countries. There are many job losses in all sectors, which have direct negative effects on workers’ living standards. The following examples can be cited:
South Africa: 36, 500 jobs have been lost in the automobile industry;
Botswana: 5,000 jobs lost in the diamond industry;
This data only takes into account official channels. The actual amounts might be higher.