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Diasporans urged to take advantage of AfCFTA to bring investments to Ghana – Citi Business News

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The Second Lady, Samira Bawumia, has implored Ghanaians in the diaspora to take advantage of the opportunities of the African Continental Free Trade Area (AfCFTA) and bring investments to Ghana.

According to her, there is the enabling environment for businesses to thrive, hence the call for Ghanaians living in the diaspora to return home to help grow the country.

Mrs. Bawumia was speaking at the Ghana Action Forum event organised by the Ahaspora Professionals Network in Accra.

“The AfCFTA will play a vital role in aiding countries establish trade partnerships, thereby facilitating the establishment of businesses across borders on the continent. I encourage all Ghanaians in the diaspora to take advantage of this to bring investment into the country.”

Data from the Central Bank indicates that the number of Ghanaians living abroad ranges between 1.5 million and 3 million.

Also, remittances from Ghanaians in the diaspora, through formal channels, have averaged two billion dollars per year in recent times.

In 2020 for instance, remittances to Ghana shot up by 5% to US$3.6 billion despite the impact of COVID-19 on global economies, according to World Bank’s 2021 Migration and Development report.

These figures demonstrate the potential of the diaspora as a source of foreign direct investment, which needs to be harnessed.

The government has for years now intensified efforts in bringing Ghanaians and Africans as a whole abroad back home to help develop the country.

The Year of Return which was held in 2019 for instance was a kickstart campaign which brought foreigners, particularly from the black diaspora, to come to Ghana to settle and invest in the country.

According to the government, the successful initiative raked in tourism receipts amounting to US$3.3 billion.

The government has since been urging Ghanaians in the diaspora to come home to help contribute to the growth of the country with fresh skills and capital.

Joining these calls is the Second Lady, Samira Bawumia and she’s asking diasporans to take advantage of the opportunities the African Continental Free Trade Area comes with.

“I urge all Ghanaians and those in the diaspora to participate in the development efforts of Ghana and the Ghanaian government. Government cannot do it alone. We need the participation of all our citizens whether home or abroad,” she stressed.

Meanwhile, Founder of the Ahaspora Professionals Network opined that more needs to be done in Ghana to make it attractive for more for Ghanaians living in the diaspora to return home to build the country.

About the Ghana Action Forum

The Ghana Action Forum was hosted by the Ahaspora Professionals Network in partnership with The Diaspora Drive and the Ghana Diaspora Public Affairs Collective.

The event engaged Ghanaians living abroad and at home in an action-oriented, forward-thinking conference to contribute towards advancing Ghana’s development.

The Forum is organised by young Ghanaians who are contributing their quota to the country’s policy and business environment, both home and abroad and have a drive and passion for seeing a better country and continent in the near future.

The two-day event features keynote speakers, panel presentations, goal-and-results oriented round tables discussions, and industries fairs for Ghanaian companies to showcase their products and services both in-person and online.

The ultimate goal of the conference is to support participants by fostering professional engagement while highlighting the immense potential that exists for propelling development in Ghana if diaspora engagement is leveraged.



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Techno Genesis Ghana graduates the first batch of trainees under BiG entrepreneurship project

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The first batch of young individuals who signed onto the Believe in Ghana (BiG) project in Kumasi have graduated to venture into the creative arts and manufacturing industries.

The Believe in Ghana (BiG) project trains young aspiring entrepreneurs to take charge in the creative arts and manufacturing sectors.

Trainees are engaged in bakery and pastries, soap and bleach making, batik and tie and dye as well as beads making.

Techno Genesis Ghana graduates the first batch of trainees under BiG entrepreneurship project

Project originator, Tony Donkor, says the employment rate of the youth in Ghana needs to be addressed through such innovations.

“The project intends to raise a generation of knowledgeable youth who can take up the manufacturing space in order to secure a brighter future for the Ghanaian youth.

“The project intends to equip illiterate, semi-literate and literate persons with the skills set to secure a better future in the absence of a salaried job” he said.

The BiG project has seen partnership with the Centre for National Culture in Kumasi who created the avenue for individuals to be trained through localized methods.

Techno Genesis Ghana graduates the first batch of trainees under BiG entrepreneurship project

Deputy Director for Performing Arts at the Centre, Mustapha Issa, says locally-manufactured items need the necessary patronage to promote local industrialization and national culture.

According to him, “people often portray cultural products as fetish and they do not want to patronize it, but if we can reorient the definition of culture to ourselves, people can then appreciate it.”

He added that, “accepting the cultural values our products stand will bring great benefit from.”

Mr. Issa also advised that the country takes its cultural values seriously in order to preserve the rich heritage as a people.

He indicated that, “our music, movies and arts should represent our heritage, rather than degrading it.”

The first cohort of 15 trainees under the project shared their experiences on the impact.

“I work in a travel agency and we usually host events where attires are worn. I signed up to the project so I can learn how to make apparels to get the contract for myself and make some money as well,” said Doreen.

Another participant, Sumaila said “I am a musician and I wanted to add a clothing line to it, so I enrolled to learn how to make batik Tie and Dye. I can use the technique to create my own brand in addition to the music I do”.

Techno Genesis Ghana graduates the first batch of trainees under BiG entrepreneurship project

The BiG project intends to train over 10,000 persons in the Ashanti Region and further extend to other regions of the country.

The Believe in Ghana Project is under the operation of Techno Genesis, in partnership with The Multimedia Group, Kumasi and the Centre for National Culture, Kumasi.



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Loyalty Insurance MD raises concern about unhealthy competition in industry

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The Managing Director of Loyalty Insurance Company Limited, Ernest Frimpong, has expressed worry about some unhealthy practices in the insurance sector.

According to him, even though Ghana’s insurance market is highly competitive, characterised by a lot of innovation, some unethical practices like premium undercutting could hamper growth of the industry.

“The Ghana insurance market is a highly competitive and dynamic marketplace,” Mr. Frimpong said.

“There is a dichotomy; on one hand, the market is characterised by innovation, and on the other hand, there is also some unhealthy competition in the market. The issue of undercutting premiums has been around for a while. We need to change this narrative; we need stronger cooperation among ourselves for the benefit of our industry”. He added.

The Loyalty Insurance MD spoke at the company’s fifth anniversary celebration launch themed, “Growing through digitalisation.”

The company unveiled four new digital applications which it believes will place it at the forefront of technological innovation in the insurance sector.

The Managing Director also expressed gratitude to shareholders of the company for raising capital to meet the National Insurance Commission’s minimum capital requirement of ¢50 million.

The Commissioner of Insurance, Dr. Justice Ofori, commended the management and staff for embracing technology as part of their operations.

He urged them to re-strategise and remain customer-focused in order to remain relevant in the industry.

“Let me congratulate management and staff of Loyalty Insurance Company Limited for the attainment of five years of growth and consistent success and express my gratitude to all who have contributed to making the company what it is today,” he said.



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Most Ghanaians unaware of oil funded projects – PIAC  

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Most Ghanaians are unaware of projects funded with oil funds, a public fora held by the Public Interest and Accountability Committee (PIAC) in the Western North and North East regions have revealed.

In both regions, the Committee held regional public fora on the 2021 PIAC Annual Report, which brought together stakeholders from the traditional council, religious groups, security agencies, traders, educational institutions, among others to deliberate on the management and use of petroleum revenues.

The participants also called for more projects to be executed with petroleum revenues.

PIAC therefore recommended the labelling of Annual Budget Funding Amount (ABFA)-funded projects for identification.

Most Ghanaians unaware of oil funded projects – PIAC  

It again reiterated its commitment to carrying out its mandate to ensure the prudent management and use of petroleum revenues in Ghana.

PIAC commends some oil funded projects but unhappy about some

In terms of the projects funded with petroleum funds, the Committee expressed satisfaction about some, whilst critiquing others, calling for urgent steps to complete them.

The inspection of the projects took place from Sunday, 24th to Friday, 29thApril, 2022.

Most Ghanaians unaware of oil funded projects – PIAC  

In the Western North Region, the Committee inspected the construction of a 3-storey Regional Coordinating Council (RCC) Administration Block in Sefwi Wiawso, construction of three Senior Staff Bungalows at Sefwi Wiawso and a rural market in Amoaya in the Bodi Constituency. The construction of the RCC building received ₵10.5 million from the Annual Budget Funding Amount (ABFA) in 2020 and 2021.

Members of the Committee expressed satisfaction of the project which had been completed, commissioned, and was in use.

The Committee also expressed satisfaction with the senior staff bungalows which received a total of GH₵1,779,660 from the ABFA in 2020.

The project was reported to be 90% complete with bungalows erected and roofed, internal finishing virtually completed, and external works ongoing.

Most Ghanaians unaware of oil funded projects – PIAC  

Again, the Committee welcomed the upgrading of the Nalerigu – Gbintri road, in the North East region which was allocated ₵20 million from the ABFA in 2020. It was also inspected by the PIAC team and officials of the Ghana Highway Authority.

In terms of project that the Committee called for urgent action to be completed, they included the rural market, situated in Amoaya, in the Western North region which received ₵107,327 from the ABFA in 2020, but work had stalled and the construction of a 3-Storey Administration Block for the Council, located in Nalerigu in the North East region.

Construction commenced in 2019, and the project was expected to have been completed in 2021. Outstanding works include painting, tiling, electricals, and furnishing.

PIAC was established under Section 51 of the Petroleum Revenue Management Act (PRMA), to among others, monitor and evaluate compliance with the Act. The Committee was inaugurated and commenced work on 15th September, 2011.



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