IDEAS home Printed from https://ideas.repec.org/a/wej/wldecn/570.html
   My bibliography  Save this article

African Diaspora Remittances are Better than Foreign Aid Funds

Author

Listed:
  • Adams Bodomo

Abstract

In this article, two sources of socio-economic development finance for Africa, African Diaspora remittance funds and Overseas Development Assistance (ODA) funds, are compared. It is argued that Diaspora remittance funds constitute a better alternative to ODA funds for the development of Africa for a number of reasons. Not only have Diaspora remittance funds outpaced ODA funds, but they are more efficiently deployed for the development of the African continent in three main ways. The funds are less likely to be misspent as compared to the misappropriations and legendary inefficiencies in the foreign aid industry. Diaspora remittance funds, as gifts of love, are better focused on building the family and hence the nation. The distribution of these Diaspora remittance funds is far more efficient than ODA funds since these monies go directly to paying school fees, building houses and growing businesses. Some proposals are made to indicate how African governments can facilitate more remittance funds over and above ODA funds.

Suggested Citation

  • Adams Bodomo, 2013. "African Diaspora Remittances are Better than Foreign Aid Funds," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 14(4), pages 21-29, October.
  • Handle: RePEc:wej:wldecn:570
    as

    Download full text from publisher

    File URL: http://www.world-economics-journal.com/Contents/ArticleOverview.aspx?ID=570
    Download Restriction: no

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Gil S. Epstein & Odelia Heizler (Cohen), 2016. "The formation of networks in the diaspora," International Journal of Manpower, Emerald Group Publishing, vol. 37(7), pages 1136-1153, October.
    2. Gil S. Epstein & Odelia Heizler (Cohen), 2016. "Networks in the Diaspora," Development Working Papers 389, Centro Studi Luca d'Agliano, University of Milano.
    3. repec:spr:fininn:v:1:y:2015:i:1:d:10.1186_s40854-015-0012-7 is not listed on IDEAS

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wej:wldecn:570. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ed Jones). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.