Ghanaians in the diaspora have been urged to invest in the Ghanaian economy to support the country’s industrialization drive.
The Minister for Trade and Industry, Mr Alan Kwadwo Kyeremanten, made the call at an awards ceremony organised by the Ghana Diaspora Public Affairs Collective (GHPAC) in Washington DC, USA.
He stated that diaspora investment was essential for industrialization and consequently the development of the nation.
“We are fully convinced that Ghana cannot succeed in her quest to become an industrialized country without the full support and participation of her Diaspora citizens,
“Beyond the remittances, you send back home to support your families, Diasporans have increasingly become a great source of capital, creativity, entrepreneurship, technology and knowledge transfer. Diasporans have made us proud in many ways and we intend to leverage your capabilities and networks,” he added.
He lauded the formation of GHPAC as an opportunity to entice diaspora investments into Ghana to propel growth and development.
He disclosed that the strategic approach of the government was based on several factors, such as an improvement in the business environment, enhancing the productive capacity of Small and Medium Scale Enterprises (SMEs) to produce for both export and local consumption, providing fiscal and non-fiscal incentives for manufacturing and improving access to international markets.
The Minister acknowledged the diaspora community and the United States for funding socio-economic projects in Ghana.
He cited the Millennium Challenge Corporation and the African Growth and Opportunity Act (AGOA) as the US assistance to Ghana.
According to Mr Kyerematen, “the United States is now assisting Ghana to implement many projects aimed at strengthening the productive capacities of the private sector to take advantage of multiple market opportunities domestically and overseas.”
The GHPAC is a nonpartisan, nonprofit social welfare advocacy group, whose goal is to give Ghanaians living abroad more authority. It promotes civic and political action, which is essential for Ghana to achieve its objective of industrial transformation.