Ghana is targeting its diaspora to raise $3 billion in funding for economic development. The West African Nation is structuring an investment vehicle that offers “rates better than what depositors typically earn in countries such as the US.”
Speaking to reporters in the capital Accra, the finance minister, Ken Ofori-Atta disclosed that his ministry is currently discussing the details of the proposal with the central bank and plans to launch the program before the year ends.
Funds raised from the program will be used to build vital infrastructure and for the development of the agricultural and tourism industries.
Ghana’s 2020 budget already allows for $3 billion in fresh offshore debt, including a possible sale of Eurobonds.
The gold-rich nation has been at the forefront of a diaspora return drive that seeks to make diasporans an integral part of the country’s development agenda. Coming shortly after the flagship Year of Return initiative, the new policy looks to cement the gains of the diaspora return program while providing a suitable environment for diasporans to invest in the country.
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