Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board (GoldBod), has urged the African diaspora to move beyond sending remittances and focus on strategic investments. He stated that these investments can create jobs, strengthen institutions, and accelerate Africa's development.
Speaking at the EMY Africa – Africa Rising Symposium in London on Thursday, July 30, Mr. Gyamfi highlighted Africa's growing youthful population. This demographic requires access to skills, capital, technology, and opportunities, not just sympathy or charity. He acknowledged the significant role remittances have played in supporting families and communities across Africa. However, he argued that the continent now needs long-term investments capable of building sustainable economic systems.
This call aligns with Ghana's broader economic strategy to attract foreign direct investment and boost local industries. The government has consistently sought ways to leverage the diaspora's financial power for national development. This initiative aims to shift from consumption-driven support to productive capital formation. It reflects a growing consensus that sustainable growth requires more than just financial aid.
“For decades, the diaspora has stood by Africa through remittances,” Mr. Gyamfi said. “But this moment demands more than remittances. It demands investment. Remittances are lifelines but investment builds self-sustaining engines.” This statement underscores the critical need for a paradigm shift in how the diaspora engages with the continent's economic future.
The implications of this shift are significant for Ghana's economy. Increased diaspora investment could lead to job creation, technology transfer, and the development of new industries. Decision-makers will need to ensure a stable and attractive investment climate. This includes strong institutions, consistent policy, and measures that ensure Africa benefits more from its natural resources. This strategic pivot could unlock substantial economic potential, moving Ghana closer to self-reliance and sustained prosperity.
Mr. Gyamfi called on members of the diaspora to channel their resources into productive ventures. These include entrepreneurship, mentorship, and initiatives that support young Africans to create wealth and build sustainable livelihoods. He emphasized that the focus should be on building enterprises and sponsoring apprenticeships rather than just sending money or building houses. This approach aims to foster a more robust and resilient economic base.
He also urged African countries to create the right environment for diaspora investments. This involves establishing strong institutions, ensuring policy stability, and implementing measures that guarantee the continent benefits more from its natural resources. Mr. Gyamfi stressed that Africa must take ownership of its resources and focus on value addition. This will maximize the benefits of its wealth for future generations.
“Africa’s youth are waiting for opportunity, not charity,” he added. “Africa’s resources are waiting for African ownership, not discovery. We are done with predicting Africa’s future. The time to build that future is now.” This powerful message reinforces the urgency and importance of the diaspora's role in Africa's economic transformation. The shift from charity to investment is seen as a crucial step towards achieving long-term economic independence and prosperity across the continent.