Africa: Remittances to Hold Steady Despite Return of Thousands From South Africa, Says Mnangagwa Spokesperson

THE return of Zimbabweans from South Africa fleeing xenophobic attacks will not affect Zimbabwe's remittances, which account for a significant proportion of the gross domestic product, a government official has said.

GeographicReferenceAccording to statistics, Zimbabwe has since recorded US$1.55 billion in diaspora remittances, a figure that is expected to double before the year-end, as per government projections.

Deputy Chief Secretary for Presidential Communications in the Office of President Emmerson Mnangagwa said the recent return of Zimbabweans from South Africa will not hit remittance flows. Authorities say nearly 100,000 Zimbabweans have been repatriated since May with more expected to return.

"Is Zimbabwe likely to face a reduction in its yearly remittances in the wake of the anti-migrant wave in South Africa? The expectation is that this is highly likely. The reality is likely different. Of course, one is never certain.

"By and large, remittances have tended to be dominated by Zimbabwe's professional echelon located in the diaspora. This is largely intact and relatively securely ensconced in the diaspora.

"To that extent, and given that this is the echelon with significant disposable income, one surmises some stability on the remittances front," said Charamba.

Last year, Zimbabwe's Treasury estimated that 28.6% of the $2.72 billion in remittances came from the United Kingdom and 27.5% from South Africa.

With forced xenophobic deportations of Zimbabweans in South Africa, there were concerns that remittances would nosedive.

"In fact, remittances could rise, as this stratum realises the need to pad their eventual homecoming by beginning to remit for more than just the upkeep of those they left behind, and to look at reinvesting at home for a rainy day. The anti-migration wave could easily stimulate precautionary home investment," Charamba added.

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