Presidential Advisor on the Economy, Seth Terkper, has said it is time for Ghana to diagnose the nature of remittances to the benefit of the country’s development, urging citizens to move beyond viewing diaspora remittances as household support and instead harness them as a strategic source of investment for national development.
Speaking at the launch of Region 17 in Washington, D.C., Mr. Terkper said Ghana must deliberately channel the financial, intellectual and professional resources of its citizens abroad into productive sectors, particularly at a time when the country is gradually losing access to concessional financing and grants as it transitions to a higher-income economy.
He noted that diaspora remittances finance far more than household consumption, saying they also support housing, businesses, investments and the transfer of skills, technology and innovation into the Ghanaian economy.
“Remittances do much more than support household consumption. They are also used to build homes, establish businesses, support investments and bring products, skills and value into the Ghanaian economy,” he said.
The former Finance Minister, however, acknowledged that Ghana’s debt crisis and sovereign default had affected investor confidence, stressing that restoring credibility through consistent policies and sound economic management would be critical to attracting greater diaspora investment. Drawing lessons from the rise of the so-called African Lions, he said several African economies had demonstrated that sustained growth was possible despite global economic challenges.
The event, held on Pennsylvania Avenue under the theme “Harnessing the Power of the Diaspora to Transform Ghana’s Future,” marked the official launch of Region 17, an initiative designed to provide an institutional platform for mobilising the intellectual, entrepreneurial, financial and cultural resources of Ghanaians abroad to support national development.
Delivering the keynote address, Ghana’s Ambassador to the United States, H.E. Victor Emmanuel Smith, said the initiative represents a fundamental shift in how Ghana views its diaspora.
“The Ghanaian diaspora is not outside Ghana’s development story. They are central to it,” he declared, arguing that the country must look beyond remittances to tap into the diaspora’s knowledge, innovation, technology, entrepreneurship, leadership, global networks and international influence.
According to the Ambassador, “the Ghanaian abroad is not an observer. The Ghanaian abroad is a stakeholder, not a spectator; a partner, not an outsider, but an indispensable architect of Ghana’s future.”
He linked the initiative to President John Dramani Mahama’s reset agenda, stressing that Ghana’s national transformation cannot be achieved by government alone but through active partnerships with citizens both at home and abroad.
The launch brought together members of the Ghanaian diaspora, business leaders, professionals, policymakers and development stakeholders, with organisers describing Region 17 as a new platform to strengthen diaspora participation in Ghana’s economic transformation.
Source: www.kumasimail.com
