Remittances from the diaspora have surged – with inflows reaching US$6.6billion last year, Director of Diaspora Affairs at the Office of the President, Kofi Okyere Darko has said.
These remittances significantly outpaced foreign direct investments (FDI), which totalled US$1.73billion in the same year.
Mr. Darko said this at the upcoming Global Africa Summit launch in Accra, scheduled for December this year, explaining that these inflows are not charity but significant capital which offers a glimpse of what can be achieved when the right bridges are built between government, private sector and global Africans.
“So much is coming to Ghana. So much is flowing into Africa. We are entering what can only be described as a record-breaking era of fantastic growth and opportunity. And the question before us is: Are we ready to channel it wisely?” he asked.
In 2023, remittances to Ghana, according to the World Bank, totalled US$4.6billion. This figure, the bank indicated, represents a significant contribution to the local economy, exceeding the combined value of Official Development Assistance (ODA) and FDIs.
The World Bank maintains that Ghana is the second-largest recipient of remittances in sub-Saharan Africa, with these inflows playing vital roles in cushioning the effects of economic challenges… thereby contributing to recovery.
At the summit’s launch, Mr. Darko announced that the Office of Diaspora Affairs will soon roll out implementation of a Diaspora Engagement Policy through an Inter-Sectoral Implementation Committee.
This policy is expected to bring together over 28 ministries, departments and agencies with a coordinated national strategy to move from rhetoric to more results.
Other initiatives included in the implementation of the policy are: the upcoming National Diaspora Summit in December 2025; Diaspora Citizenship Drives; Diaspora Development Funding mechanisms; and digital platforms such as the 24-hour Diaspora hotline, Skills Exchange.
“And this is precisely why we welcome initiatives like the Global Africa Summit. We want to see this summit included as a programme within the ISIC framework – a tangible example of diaspora-led action driving investment, technology and entrepreneurship in Ghana,” he added.
The Global Africa Summit
On the theme ‘Global Partnerships: Fuelling Africa’s Development and Collective Prosperity’, the Summit promotes trade, investment, and innovation between Africa and its global Diaspora. Through strategic partnerships and impactful events, the Summit advocates inclusive economic development and shared prosperity for the continent’s diaspora.