- August 31, 2020
- Posted by: Matilda Frimpong
- Category: News, Press & Media
Ghanaian investors in the diaspora have been told that the economy of the oil-producing West African nation has seen massive improvement over the years. Therefore, they should return to Ghana their homeland to invest in the local economy.
Speaking during a webinar organized for over 100 Ghanaians in the diaspora via Zoom on the topic ‘Ghana, An Ideal Destination for Diaspora Investments’ and organized by Bank of Africa (BoA) in partnership with the Ghana Diaspora Monetary Fund on Friday, August 21, BoA’s General Manager in charge of Enterprise Risk, Mrs. Akofa Dakwa, revealed that Ghana has witnessed a positive trade balance and improvement in the exchange rate.
She explained that since 2017, the country has been exporting more than its importation, a situation that has resulted in the improvement of the exchange rate.
“There has been an improvement in the exchange rate due to the positive trade balance,” she told the diasporans, adding: “Since 2017 our exports have been more than our import” through policies that encourage the consumption of locally produced products like rice and poultry products.
Mrs. Dakwa also revealed that the services sector grew by 7.6% in 2019, becoming the best growth performing sector of the economy for the first time since 2015, from the 2.7% registered in the previous year. Subsectors with considerably strong performances, she said, were Information and Communication (ICT and Real Estate, with growth rate of 46.5% and 19.9% respectively in 2019 compared to 13% and -6.5% respectively in 2018.
In the area of agriculture, she explained that the sector has declined in its contribution to the Ghanaian economy largely because most Ghanaians are doing peasant farming. However, she said, the trend is changing with the implementation of government’s policy – Planting for Food and Jobs (PFJ).
Again there is the introduction of One Village One Dam that seeks to improve irrigation. This will ensure that food production can be carried out all year round. Mechanized farming methods have also been introduced and that will increase farming yields in the future. She further explained that there was a steady improvement in Agric sector as at June 2020 with the sector showing year-on-year improvement in growth rate. To that end, Mrs. Dakwa called on the diasporans to return to the country to invest in the economy.
For his part, the Chief Executive Officer of the Ghana Investment Promotion Centre, Mr. Yofi Grant, said the Government of President Nana Addo Dankwa Akufo-Addo takes the issues of Diasporans seriously. He said the clean-up of the banking sector has brought sanity to it and that the banks are now poised for partnership that will see to the protection of their investment.
Bank of Africa with its strong presence in 32 countries in Africa, Europe, China and North America is ready to offer business advisory services and also facilitate the trade needs of its customers. A Deposit Protection Scheme has been created under the Ghana Deposit Protection Act 2016, Act 931, to protect depositors of their funds with financial institutions. The Scheme is at no cost to customers of banks and special depositing institutions which gives comfort to all depositors.
The Global Allied Diaspora Initiatives for Africa (GADIA), an association of Ghanaians in the Diaspora, is also mobilizing Ghanaian investors abroad to come back home to invest. Director of the GADIA, Robert Couston, said that Ghanaians in the diaspora desire to return home to invest in the economy.
“There is a huge potential amongst Ghanaians in the diaspora looking for investment opportunities,” he said.