Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board (GoldBod), has urged Africans living abroad to move beyond sending remittances and become strategic investors in the continent’s economic transformation. Speaking at the EMY Africa – Africa Rising Symposium in London on July 30, Mr. Gyamfi stated that while remittances have significantly supported African families, the continent now needs long-term investments.
These investments are crucial for creating sustainable businesses and jobs across various sectors. Mr. Gyamfi acknowledged the historical importance of remittances, noting their role in education, healthcare, and community sustenance. He emphasized that this contribution has been invaluable to African households for decades.
However, Mr. Gyamfi argued that Africa has reached a point where financial support alone is insufficient to unlock its full economic potential. He stressed that investment builds self-sustaining economic engines, transforming economies rather than merely helping households survive. He highlighted that diaspora-driven enterprises can create companies that employ graduates, moving beyond just paying school fees.
This shift aligns with Ghana's broader economic strategy to attract foreign direct investment and boost local industries. The government has consistently sought to leverage diaspora connections for national development. This call reinforces efforts to integrate the diaspora more deeply into the nation's economic fabric.
“For decades, the diaspora has stood by Africa through remittances. Families have been educated, medical bills paid, homes built, and communities sustained because sons and daughters abroad did not forget home. And we must respect that contribution,” Mr. Gyamfi stated. He added, “But this moment demands more than remittances. It demands investment. Remittances are lifelines but investment builds self-sustaining engines.”
Mr. Gyamfi urged members of the African diaspora to become “strategic co-architects of Africa’s transformation.” He identified key sectors for investment, including manufacturing, commercial farming, agribusiness, logistics, information technology, green energy, education, healthcare, and infrastructure. These sectors are vital for Ghana's industrialization and job creation agenda.
Beyond financial capital, Mr. Gyamfi highlighted the need for the diaspora’s professional expertise and global exposure. He believes these elements can strengthen institutions and improve productivity across the continent. He clarified that investment is not limited to money, stating, “Skill is capital. Reputation is capital. Networks are capital. Governance experience is capital. Exposure to efficient systems is capital.”
He appealed to Africans abroad to contribute more than financial resources. He asked them to help build lasting institutions and businesses across the continent. His message was clear: “Do not only send money home; send systems home. Do not only build houses; build enterprises. Do not only sponsor ceremonies; sponsor apprenticeships and entrepreneurship. Do not only remember where you come from; help redesign where we are going.”
The GoldBod CEO stressed that Africa’s relationship with its diaspora must evolve. This evolution should focus on structured investment, innovation, and partnerships. Such collaborations are essential for delivering lasting economic transformation and fostering sustainable growth. This strategic shift could significantly impact Ghana's long-term development goals.