Government is seeking to make Ghana the preferred destination for diaspora direct investment (DDI) on the continent.
Government’s ambition to make Ghana the preferred destination for DDI is evidenced by the setting up of the Diaspora Desk and Diaspora Investment Desk at the Office of the President and the Ghana Investment Promotion Centre (GIPC) respectively.
This is coupled with the establishment of the Diaspora Desk at the country’s foreign missions in various countries around the world.
The Diaspora Investment Desk at the GIPC is tasked with engaging Ghanaian diaspora and all other diasporans of African descent to assist them in the establishment of enterprises in Ghana as well as attracting Diaspora Direct Investments to increase overall investment inflows.
Delivering a speech at the maiden edition of the Diaspora Investment Summit organized by the GIPC on the theme The New Normal, Leveraging Diaspora Investments to Build Back Better, Minister for Foreign Affairs, Shirley Ayorkor Botchwey averred that with the impact of the Covid pandemic on Ghana’s economy, it has become expedient for government to ramp up efforts aimed at increasing the number of diaspora investments in the country.
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This is due to government’s realization of the enormous talent, technology and wealth Ghanaian diasporans and African diasporans in general can contribute in the economic development of the country.
According to the Minister for Foreign Affairs, direct diaspora investments is not only expected from big corporations or in the form huge financial investments at a go, but also from small businesses and entrepreneurs.
Adding that it is small businesses that actually do make a lot of difference in the economic growth of developing economies.
Government as a way of increasing DDI into Ghana aims to increase its issuance of diaspora bonds for developmental projects following the successful issuance and oversubscription of the $3 billion Eurobond which included diaspora bonds.
According to the World Bank, diaspora bonds have a significant potential to help poor and developing countries overcome significant drops in Foreign Direct Investment by generating up to $50 billion per year.
Israel for instance, is said to have has raised over $40 billion through the issuance of diaspora bonds.
