Economy

    GoldBod CEO urges diaspora investment over remittances

    Sammy Gyamfi calls for strategic investments to build industries and create jobs in Ghana.

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    GoldBod CEO urges diaspora investment over remittances
    Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board (GoldBod), has challenged Africans living abroad to become investors. He urged them to move beyond sending only remittances, which are money sent home to support families. This call came during the EMY Africa – Africa Rising Symposium in London on Thursday. Mr. Gyamfi stated that the time for Africans in the diaspora to simply send money home is over. He believes they must now make strategic investments. These investments should create jobs, build industries, and generate lasting wealth across the continent. He emphasized that Africa's rise must benefit its people, not just foreign economies. This shift aligns with Ghana's broader economic strategy to increase local ownership and value creation. The government aims to ensure that Ghana's vast natural resources benefit Ghanaians directly. This approach seeks to reduce reliance on raw material exports and foster local industrial growth. Mr. Gyamfi declared, "Africa’s rise must mean African resources creating African industries, African jobs, African brands, African wealth, African reserves and African dignity." He stressed that the diaspora possesses valuable knowledge, technology, and professional expertise. These assets, beyond just money, can transform African economies if properly used. He noted that remittances have supported millions of African families by covering school fees and medical bills. However, he argued they cannot replace productive investments. Such investments are crucial for transforming national economies. "Remittances are lifelines, but investment builds self-sustaining engines," Mr. Gyamfi explained. Mr. Gyamfi urged Africans abroad to invest in manufacturing, agribusiness, and information technology. He also called for contributions in renewable energy, healthcare, education, and infrastructure. He appealed to diaspora professionals to share their expertise through mentorship and technology transfer. "Do not only send money home; send systems home," he advised. Ghana's economic reforms, under President John Dramani Mahama’s administration, aim to reposition the country. This ensures Ghanaians retain greater ownership of strategic sectors. The establishment of GoldBod is part of this national agenda. GoldBod seeks to restructure Ghana’s gold industry by formalizing the supply chain and reducing smuggling. GoldBod will soon introduce gold-backed tokenization investment assets. These assets will allow more Africans to own a direct stake in the continent’s mineral wealth. This initiative aims to increase foreign exchange earnings and create opportunities for responsible investment. It also seeks to add more value to Ghana's resources locally. Mr. Gyamfi warned about Africa's growing youth population. Failure to provide employment and entrepreneurial opportunities could turn this advantage into a disaster. The call for diaspora investment is a critical step towards addressing this challenge. It aims to create a more prosperous and self-reliant future for Ghana and the wider African continent.

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