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Ghana has called for a shift in how African countries engage with their diaspora, urging governments to move beyond a primary focus on remittances towards structured partnerships built around investment, knowledge exchange, technology transfer and shared economic development.
The call was made by Ghana’s Minister of State for Climate Change and Sustainability, Seidu Issifu, during a high-level fireside chat on “Diaspora Capital and Development Finance: Harnessing Diaspora Resources for Africa’s Transformation and Inclusive Development.”
The engagement was organised by the African Union Economic, Social and Cultural Council (AU-ECOSOCC) on diaspora capital and development finance and held on Madison Avenue in New York on the margins of the 81st Session of the United Nations General Assembly (UNGA81).
Ghana highlights untapped diaspora capital
The event brought together African leaders, policymakers, civil society representatives, development partners and members of the African diaspora.
Participants included former Vice President of Nigeria, Professor Yemi Osinbajo; AU Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, Francisca Tatchouop Belobe; New York State Senator James Sanders Jr; and Presiding Officer of AU-ECOSOCC, Louis Sissoko.
Addressing the gathering, Issifu acknowledged the contribution of remittances to household welfare, education, healthcare and economic resilience across the continent.
He argued, however, that Africa’s diaspora represents a much broader development resource, with financial capital complemented by professional expertise, technology, entrepreneurship and international networks.
“The African diaspora is much more than a source of remittances. It is a reservoir of investment capital, knowledge, technology, professional expertise, entrepreneurship, networks and global influence,” the Minister said.
Issifu called for Africa to move “from remittances to relationships, from individual transfers to structured investment, and from goodwill to credible institutions” capable of attracting, facilitating and protecting diaspora investment.
Climate transition creates investment opportunities
The Minister identified Africa’s climate transition as one area where diaspora capital could play a greater role.
He pointed to renewable energy, climate-smart agriculture, resilient infrastructure, circular economies, sustainable transport and green industries as areas capable of attracting investment while addressing climate risks, creating jobs and generating sustainable financial returns.
Issifu said governments would need to establish the necessary “trust architecture” to make such opportunities investable.
This, he said, would require credible and bankable projects, transparent information, stronger accountability, predictable regulatory systems and investment vehicles capable of accommodating diaspora investors at different levels.
“Patriotism may open the door, but confidence, transparency and returns will sustain investment,” he said, stressing that appeals to national identity alone would not be sufficient to mobilise long-term diaspora capital.
Diaspora expertise can strengthen African businesses
Beyond financial resources, Issifu highlighted the expertise and international networks held by African professionals working across sectors including engineering, healthcare, technology and finance.
He said these professionals could support African institutions, mentor entrepreneurs, facilitate technology transfer and connect local businesses to international markets.
Against this backdrop, the Minister welcomed the proposed African-Diaspora Investment Corridor, describing it as a potential mechanism for connecting credible investment opportunities on the continent with the resources and expertise of Africans abroad.
He proposed that the initiative should incorporate national focal points, investment facilitation services, safeguards, transparent project information and clear accountability mechanisms.
Ghana seeks inclusive diaspora investment
Issifu also called for diaspora investment to contribute to inclusive development by reaching beyond major corporations and capital cities.
According to him, investment structures should create opportunities for young people, women-led businesses, farmers, local innovators and underserved communities.
“Our message is simple: Africa should not relate to its diaspora only through nostalgia. We must build a modern development partnership based on trust, opportunity and shared prosperity,” he said.
The approach would position diaspora engagement as part of broader economic development strategies rather than treating remittances as the primary measure of the diaspora’s contribution to African economies.
Ghana backs Agenda 2063 implementation
Reaffirming Ghana’s commitment to the African Union’s Agenda 2063, Issifu said the country was prepared to work with AU-ECOSOCC, African Union member states, civil society organisations, financial institutions and diaspora communities.
The objective, he said, would be to translate the vision for stronger diaspora engagement into practical mechanisms for investment and knowledge exchange.
He concluded by emphasising that Africans abroad should be considered an integral part of the continent’s development process.
“The African diaspora is not outside Africa’s development story. It is part of Africa’s present, and it must be a strategic partner in Africa’s future.”
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