Diaspora Summit Aimed at Boosting Economy, Ghana- Awua Ababio

BY YESMAN ANTOH-

Akwasi Awua-Ababio, Director of Diaspora Affairs
Photo Credit: Jubilee House

NEW AFRICA BUSINESS NEWS, Accra, Ghana- THE DIRECTOR of Diaspora Affairs at the Presidency, Akwasi Awua-Ababio has said Ghana’s diaspora celebration and homecoming summit is expected to lure investors who will help the state realize the Ghana Beyond Aid vision.

Speaking to the media at his office at the Jubilee House, Awua-Ababio share his optimism about the enormous impact the celebration and summit would have on the country’s Gross Domestic Product.

According to the office of the Diaspora Affairs at the presidency, government intends to reduce the cost of remittances by some 9% in the coming years.

The move is part of efforts at attracting more remittances from abroad to fuel economic growth.

He said the global average cost of sending $200 remained high, at around 7% in the first quarter of 2019, according to the World Bank’s Remittance Prices Worldwide database.

Awua-Ababio said reducing remittance costs to 3% by 2030 is a global target under Sustainable Development Goal 10 and 7.

“Remittance costs across many African corridors and small islands in the Pacific remain above 10%, he explained to a question from Starr Business reporter at a press meeting ahead of the 2019 Year of Return; Diaspora Home Coming.

He explained that government is working with the African Development Bank and the World Bank to craft measures to make the cost of remittances cheaper for Ghanaians abroad.

“When the figure comes down we believe it will encourage more remittances. We want it to come down by 9 to 8%. The World Bank however have a rate they are working with,” Awuah-Ababio said.

The Ghana Diaspora Celebration and Homecoming Summit 2019, is a four-day event recognizing and celebrating the immense contributions to nation building by the Ghanaian diaspora.

He added that the event will not only highlight past contributions but will focus on present contributions as well, whiles furthering the advocacy for political, economic and all other systems and policies that would facilitate future contributions by the Ghanaian diaspora.

“And in light of the fourth centennial commemoration of the arrival of enslaved Africans in the western hemisphere, this event recognizes that the Ghanaian diaspora extends beyond Ghanaian citizens or nationals and their immediate relatives.”

It also include others outside the borders of Ghana, with roots to, or a strong vested interest in the country.

This recognition, he said is based upon the need and desire for a long-term engagement between Ghana and her important stakeholder constituency. It is accompanied by the Ghana government’s open-arm policy to all people of African descent.

BY YESMAN ANTOH, NEW AFRICA BUSINESS NEWS, BUSINESS & POLITICS, GLOBAL CORRESPONDENT

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