Billions of Comorian Francs to Build the Future

New mechanisms for productive investment are emerging in the Comoros. The government aims to transform remittances from the diaspora into a genuine engine of growth.

At the second World Summit on Social Development, held from November 4 to 6 in Qatar, Dhoihirdine Ahamada Bacar, Secretary General of the Ministry of Finance, Budget, and Banking, presented this new strategy.

He emphasized that remittances reached 147.8 billion Comorian francs (US$320 million) in 2022, representing nearly one-fifth of the national GDP. These resources support thousands of families and reduce poverty. However, the majority of these funds finance consumption and imports, without a lasting impact on domestic production.

Faced with this situation, the government is undertaking several reforms. Financial authorities are lowering transfer fees to encourage official remittances. The ministry is expanding access to banking and digital services. The administration is also strengthening financial literacy to help households better manage their income and invest in productive activities.

Along the same lines, the authorities are introducing new mechanisms. Accessible mortgage loans are intended to stimulate the construction and public works sector. Crowdfunding platforms allow the diaspora to directly finance local entrepreneurial projects. “These initiatives aim to transform remittances into productive capital that creates jobs and added value,” the Secretary General stated.

“Remittances must be used to build, produce, and develop,” he explained. He called for strengthened cooperation between African states, the diaspora, and international partners.

The government also intends to channel the energy and solidarity of its diaspora toward concrete projects. Remittances are no longer limited to consumption and now contribute to growth, job creation, and sustainable social development.