TRANSNATIONAL PRACTICES AND REMITTANCES: IMPACT ON ECONOMIC DEVELOPMENT AND SOCIAL WELFARE IN SUB-SAHARAN AFRICA

Steven W. Day, North Carolina Central University, U.S.A.
Morgan Mbeky, Duke University, U.S.A.
Erastus Karanja, North Carolina Central University, U.S.A.

Published in

JOURNAL OF INTERNATIONAL FINANCE AND ECONOMICS
Volume 24, Issue 3, p5-17, October 2024

ABSTRACT

In an increasingly interconnected world, the study explores transnational practices and remittances, focusing on their impact on economic development and social welfare in Sub-Saharan Africa. The rationale for focusing on Sub-Saharan Africa lies in its unique socio-economic context, where remittances play a crucial role in supporting household incomes and driving economic activities. Despite the region’s diversity, common challenges such as poverty, unemployment, and limited access to education and healthcare persist. Emphasizing investments in critical sectors like health, environment, and education, the research argues for their pivotal role in sustainable economic well-being. This study investigates the importance of social remittances—ideas, practices, and skills transferred from host countries—and their contribution to human capital and job creation in home countries. However, despite their potential benefits, these transnational practices pose complex challenges related to social inequality. The study critically examines the motivations and factors influencing these practices, offering valuable managerial and economic implications. Moreover, it assesses remittances as stable external financial sources, particularly in countries facing economic crises, while cautioning against overly optimistic views. Overall, the research advocates for a deeper understanding of the impact and limitations of remittances in the context of global development.

Keywords

Transnational Practices, Remittances, Economic Development, Social Welfare, Sub-Saharan Africa, Migration,


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