IMPLICATION OF THE 2008–2009 GLOBAL FINANCIAL CRISIS ON REMITTANCES BY THE CAMEROON DIASPORA
Journal Title: Journal of Globalization Studies - Year 2015, Vol 6, Issue 1
Abstract
Remittances have emerged as an important source of external development finance. They have grown in absolute volume as well as relative to other sources of external finance. The World Bank has even purported that they are the most stable source of external finance and have provided crucial social insurance in many countries afflicted by economic and political crises. Many families in Cameroon relied on remittances sent home by the love ones in the diaspora. However, these remittances to Cameroon as it was the case in other African countries witnessed a drop in 2008–2010 as a result of the global financial crisis that affected North America and Europe. Unfortunately, these are among the nations that have been most adversely and directly hit by the global financial crisis of 2007–2009. This paper aims at assessing the real and potential implications of the 2008–2009 economic meltdown on the Cameroon diaspora remittances at the micro level in Cameroon. It investigates the impact of the GFC on remittances and the implications for the increasing dependence on this source of development funds. It is proposed that the downturn highlighted the risks of basing development on financial returns from the Diaspora and that a reliance on remittances indicates the government's continuing inability to provide opportunities for the citizens at home. Nonetheless, the performance of remittances, compared to other economic indicators, does suggest that this is a resilient source of income which can be scaled up for long term household and national development. The study therefore, argues for more diversification in the way such funds and importantly, diaspora talents and resources are utilized.
Authors and Affiliations
Kingsly Awang Ollong
Keywords
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