Alex Dadey, executive chairman of the KGL Group and chairman of the board of the Ghana Investment Promotion Centre, has urged the government to emphasize diasporan investment as a remedy for Ghana's economic problems.
In his opening speech on Day 1 of the inaugural Kwahu Summit, Alex Dadey discussed his experiences gained from working at the highest corporate levels on both sides of the Atlantic over the past 30 years.
The theme of the summit was "AfCFTA: From Ambition to Action- Delivering Prosperity through Continental Trade." He said, "Throughout this time working in the United Kingdom and more than 25 other nations throughout the world, I have stayed enthusiastic about leveraging technology to push limits for growth in enterprises across Africa and diaspora socio-economic inclusion.
"Your Excellency, with all this experience in many business environments and cultures, I can confidently say that the most prosperous time of my professional life was spent at home, in Ghana. There has been a tonne of chances, prizes, and a business-friendly environment. Like other emerging economies, Ghana has its share of specific problems, but for any businessperson, foreign or from the diaspora, who is motivated enough to see past these difficulties, possibilities will always be there.
"Ghana is perfectly positioned to attract foreign and diaspora investment, to propel growth by leveraging our abundant natural resources, a youthful population with roughly 57% of people under the age of 25, and a concerted effort supported by the right policies with a sustainable growth strategy," he continued.
We must be committed to shifting away from a strategy that solely exports our plentiful natural resources and low-value manufactured goods. I think the private sector in Africa has to be encouraged to invest overseas in mature markets and bring earnings home like our global rivals do. One of the best ways to strengthen our local currency is to do this.
The expatriate population in Ghana has always aided in the growth of the country's economy, but Alex Dadey thinks the next step in unlocking this asset's full potential is to adopt a more coordinated policy approach.
We must concentrate on our Diaspora, he said. They are the most important asset we have. To entice people to make investments at home, diaspora engagement policies will need to be developed and incentives offered. Our top choice should be Diaspora Direct Investment. Compared to securing FDI and loans from multilateral institutions like the IMF, which come with strict conditions, the advantages of this strategy greatly exceed the costs.
Additionally, we should connect our Diaspora with local business owners by introducing them to Diaspora investment solutions including Diaspora Direct Investments, Diaspora Portfolio Investments, and Diaspora Philanthropic Investments.
Finding a multi-billion-dollar opportunity will depend on realizing the potential for diaspora investment and the unique experiences of Diasporans throughout the continent, presenting them in a collective narrative, and mapping them to a diasporan investment strategy.
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