Ghana’s industrialisation efforts cannot succeed without diaspora investments – Trade Minister

September 28, 2022 / Comments (0)

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Alan Kyerematen, Ghana’s Minister of Trade and Industry, has emphasized the value of contributions from Ghana’s diaspora in the country’s effort to develop an industrialized economy.

He claimed that without industrialization as part of its fundamental model and strategy and financial support from the diaspora, no nation has ever been able to successfully develop on its own.

Alan Kyerematen stated, “We are totally convinced that Ghana cannot achieve in her goal to become an industrialized country without the full support and participation of her Diaspora residents,” at an awards event hosted by the Ghana Diaspora Public Affairs Collective (GHPAC) in Washington, DC, USA.

“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.

The Trade Minister further lauded the establishment of GHPAC as an opportunity to woo diaspora investments into Ghana to propel growth and development.

“Our strategic approach to harnessing the capabilities and network of Ghanaians in the diaspora is based on a number of considerations, including, improved 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 foreign markets,” he explained.

Meanwhile, Alan Kyerematen used the occasion to express gratitude, especially to the United States for their relentless support and investment in key socio-economic initiatives undertaken in Ghana over the years.

He cited the Millennium Challenge Corporation, and the African Growth and Opportunity Act (AGOA) as some examples of support offered by the US.

“Currently, the United States is supporting Ghana to implement a number of projects aimed at enhancing the Ghanaian private sector operators’ productive capacities to take advantage of numerous market opportunities at home and abroad,” Alan Kyerematen said.

The GHPAC is a nonpartisan, non-profit social welfare advocacy collective dedicated to empowering Ghanaians in the Diaspora.

It focuses on civic and political action which is instrumental in helping Ghana achieve its industrial transformation goal.


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