Diaspora investors vital for Africa’s prosperity

Speakers at the maiden Global Africa Forum have made a strong case for global investors especially Africans living in the Diaspora to invest heavily in the various countries on the continent.

They also emphasized how effective integration can guarantee the continent’s peace, security and prosperity for all her peoples.

The Forum was organized by the Africa Prosperity Network (APN) and the Africa-America Institute (AAI).

It was under the theme “Mobilising Global Africa Investment to Boost Intra-African Trade.”

Africa is a continent full of investment opportunities, and the African Diaspora can play a significant role in supporting its economic growth and development.

Many Africans in the diaspora have valuable skills, networks, and resources that they can leverage to support businesses in their home countries.

Additionally, investing in Africa can provide a significant return on investment while also making a positive impact on the continent.

The African continent is rich in resources, including young and talented entrepreneurs who are looking for funding to scale up their businesses.

Unfortunately, access to funding remains a challenge for many African youths, which limits their potential to contribute to economic growth and development.

Investing in Africa can take many forms, including direct investments, venture capital, impact investing, and crowdfunding among others.

Addressing the forum, President Akufo-Addo said it is time for Africans to spend their monies on the continent to make Africa the wealthy place it ought to be.

He noted that the Africa Continental Free Trade Area (AfCFTA) sets the stage for the continent to attract their investments for its industrial development and transformation.

According to him, what is required now is for the respective governments and businesses to show bold leadership laced with coherent and complimentary strategic actions by governments and businesses.

President Akufo-Addo identified the right mix of policies and strategies for exports, value addition to raw commodities and a greater sense of purpose as vital ingredients to ensure a robust intra-Africa trade.

These he said will drive agricultural growth, economic diversification and the much-needed industrialization of the continent.

“If we work at it, if we stop being beggars and spend Africa’s money within the continent, Africa would not have to ask for respect from anyone, we will get the respect we deserve.

“Twenty years ago, thirty years ago, China was not where it is today. China does not ask anyone for respect today, it does not need to.

“Let us make our continent the joyful and prosperous place it should be and the respect will follow” Akufo-Addo added. 

Concrete areas of investment

Secretary-General of AfCFTA secretariat, Wamkele Mene told the forum that four major areas of interest namely; manufacturing sector, the pharmaceutical industry, the agriculture sector have been identified for speedy transformation.

He stated that a $1 billion AfCFTA adjustment fund has been established to support productive sector investments.

“The fund is not intended for budget support. It is intended for productive sector investments.

“What we envisage is that you as the diaspora with global capital will see the adjustment fund as a vehicle for channeling your investment and to see returns on your investments,” Mene said.  

According to him, the four identified areas would make long lasting impact and will create job opportunities in Africa for millions of young Africans to stop being buried deep in the Mediterranean.

Executive Chairman of APN Gabby Asare Otchere-Darko, tasked political and business leaders to prioritize and fast track the integration agenda.

In his view, the best way to achieve this integration is to have a mindset of Africa without borders.

According to him, the concept of global Africa will be much more meaningful and find expression if the continent gets rid of the borders that are dividing her currently.

He told the forum that investors who are not Africans in any shape or form, have invested in on the continent and their investments have yielded attractive returns.

Otchere-Darko who is also the Senior Partner of the Africa Legal Associates (ALA), appealed to Africans in the diaspora to emulate non Africans investing in various African countries and invest in the continent for attractive returns.

He said that for AfCFTA to make the expected impact, every man and woman of African descent, should identify the role that they can play to facilitate its realization.

According to him, the Chinese are aligning with the vision and are investing heavily in Ghana and other parts of the African continent because they fore-see that sooner rather than later, Africans will stop traveling to China to purchase their products and so they see the need to build their factories right on the continent.

Otchere-Darko she challenged global Africans to wake up to the reality and believe in the continent as a viable place to invest their capital.