Monday August 26, 2024
Somalia is one of several African countries where many families depend on financial support from relatives abroad. CGTN explores how the life of one beneficiary in Somalia has changed as a result of this support. VIDEO CREDIT / CGTN
Mogadishu (HOL) — Somalia's economy depends heavily on remittances from its diaspora, with funds sent from abroad accounting for an estimated 30% to 50% of the country's GDP, one of the highest ratios in the world. These remittances, totalling around $2 billion annually, are crucial for covering essential needs such as food, healthcare, and education for countless Somali families.
Khadijah Hassan, a translator in Mogadishu, is one of many Somalis whose livelihood relies on this financial support. Like others in the country, she depends on regular contributions from relatives living abroad. "If my brother can't send money, I call my sister or niece," said Khadijah, reflecting the deep reliance many Somalis have on their relatives in the diaspora.
While these financial contributions are vital, economic experts emphasize the importance of knowledge and skills transfer from the diaspora to further Somalia's development. "The most valuable contribution from the Somali diaspora is not just financial support but also the transfer of knowledge, expertise, and technology tailored to Somalia's needs," an economic analyst noted.
In response to the critical role the diaspora plays, Somalia's Ministry of Foreign Affairs is conducting an assessment to update figures on the diaspora population and their annual remittance contributions. This initiative aims to better understand and optimize the impact of these contributions on the nation's progress.