Leveraging the diaspora for development

Ghana's Minister of State for Finance, Abena Osei-Asare, recently participated in the Africaribbean Trade and Investment Forum where she shed light on Ghana's plans to harness the potential of the diaspora community. The country has a rich history of reaching out to the diaspora, with initiatives dating back to the 1990s. One of the most notable events was the 'Year of Return' in 2019, which saw close to two million people from the diaspora visiting Ghana. This initiative helped forge strong bonds and connections that Ghana is leveraging for development. The Minister highlighted the establishment of a development bank that aims to utilize diasporan funds for various sectors like housing and infrastructure. Moreover, Ghana is eyeing collaboration with the Caribbean for mutual benefit, particularly in the tourism sector, given the significant tourist traffic in countries like the Bahamas. The Minister emphasized the importance of sharing best practices and building capacities across regions to drive growth and development. Collaboration between African and Caribbean nations requires adequate financing and coordination. Minister Abena Osei-Asare stressed the significance of domestic resource mobilization as a foundation for attracting external funds. She cited institutions like Afri Exim Bank and other development finance institutions (DFIs) as potential partners. Ghana is focusing on enhancing its revenue to GDP ratio and partnering with DFIs to secure funding for key initiatives. The Minister highlighted recent agreements signed with DFIs to improve ports infrastructure and support projects in partnering countries like Barbados. Looking inwards is crucial for countries to identify and leverage their comparative advantages. Minister Abena Osei-Asare emphasized the need for robust governance structures, business-friendly policies, and transparent practices to attract investments. She underscored the role of the African Continental Free Trade Area (AfCFTA) in promoting intra-African trade and driving economic growth. In conclusion, the Minister echoed the call for action and unity made by leaders like President Obama and experts like Jeffrey Sachs. Emphasizing the power of a united Africa, she emphasized the need for collective action and solidarity to achieve common objectives. Together, she believes that African nations can overcome barriers, build trust, and transform the continent for the better.