MINISTER OF Trade and Industry, Alan Kyerematen, has highlighted the importance of diasporan investments in Ghana’s quest to become an industrialised economy.
According to him, no country has been able to develop itself without industrialisation as its core model and strategy along with investment capital from the diaspora.
Speaking at an awards gala organised by the Ghana Diaspora Public Affairs Collective (GHPAC) in Washington DC-USA, Alan Kyerematen said, “We are fully convinced that Ghana cannot succeed in her quest to become an industrialised 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.
The Trade Minister further lauded the establishment of GHPAC as an opportunity to woo diasporan 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 improving 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.