Diasporans urged to take advantage of AfCFTA to bring investments to Ghana

Diasporans urged to take advantage of AfCFTA to bring investments to Ghana


The Second Lady, Samira Bawumia, has implored Ghanaians in the diaspora to take advantage of the opportunities of the African Continental Free Trade Area (AfCFTA) and bring investments to Ghana.

According to her, there is the enabling environment for businesses to thrive, hence the call for Ghanaians living in the diaspora to return home to help grow the country.

Mrs. Bawumia was speaking at the Ghana Action Forum event organized by the Ahaspora Professionals Network in Accra.

“The AfCFTA will play a vital role in aiding countries establish trade partnerships, thereby facilitating the establishment of businesses across borders on the continent. I encourage all Ghanaians in the diaspora to take advantage of this to bring investment into the country.”

Data from the Central Bank indicates that the number of Ghanaians living abroad ranges between 1.5 million and 3 million.

Also, remittances from Ghanaians in the diaspora, through formal channels, have averaged two billion dollars per year in recent times.

In 2020 for instance, remittances to Ghana shot up by 5% to US$3.6 billion despite the impact of COVID-19 on global economies, according to World Bank’s 2021 Migration and Development report.

These figures demonstrate the potential of the diaspora as a source of foreign direct investment, which needs to be harnessed.

The government has for years now intensified efforts in bringing Ghanaians and Africans as a whole abroad back home to help develop the country.

The Year of Return which was held in 2019 for instance was a kickstart campaign which brought foreigners, particularly from the black diaspora, to come to Ghana to settle and invest in the country.

According to the government, the successful initiative raked in tourism receipts amounting to US$3.3 billion.

The government has since been urging Ghanaians in the diaspora to come home to help contribute to the growth of the country with fresh skills and capital.

Joining these calls is the Second Lady, Samira Bawumia and she’s asking diasporans to take advantage of the opportunities the African Continental Free Trade Area comes with.

“I urge all Ghanaians and those in the diaspora to participate in the development efforts of Ghana and the Ghanaian government. Government cannot do it alone. We need the participation of all our citizens whether home or abroad,” she stressed.

Meanwhile, Founder of the Ahaspora Professionals Network opined that more needs to be done in Ghana to make it attractive for more for Ghanaians living in the diaspora to return home to build the country.

“Government is doing well. You can see that there’s an intention to bring the diaspora home and allow them to thrive. But there’s always more to do. Our system needs to be gelled a little bit more easily so that you remove the human aspects of things. People should be able to have access to where things are and be able to do it streamlined and I know there’s efforts underway to see more of that.”

About the Ghana Action Forum

The Ghana Action Forum was hosted by the Ahaspora Professionals Network in partnership with The Diaspora Drive and the Ghana Diaspora Public Affairs Collective.

The event engaged Ghanaians living abroad and at home in an action-oriented, forward-thinking conference to contribute towards advancing Ghana’s development.

The Forum is organised by young Ghanaians who are contributing their quota to the country’s policy and business environment, both home and abroad and have a drive and passion for seeing a better country and continent in the near future.

The two-day event features keynote speakers, panel presentations, goal-and-results oriented round tables discussions, and industries fairs for Ghanaian companies to showcase their products and services both in-person and online.

The ultimate goal of the conference is to support participants by fostering professional engagement while highlighting the immense potential that exists for propelling development in Ghana if diaspora engagement is leveraged.

Source : https://citibusinessnews.com/2022/03/diasporans-urged-to-take-advantage-of-afcfta-to-bring-investments-to-ghana/