President John Dramani Mahama has urged Ghanaians in the diaspora to move from remittances to direct investment to support national development.
He said record remittances of $7.8 billion in the past year were a vote of confidence in the economy and must be built upon with structured investments.
"Let me thank you for everything you're doing. You have expressed your confidence in what is going back home by the remittances that you sent back, and it was announced that the record-breaking remittances that took away $7.8 billion were remittances that came from the diaspora back into Ghana," President Mahama said.
The President was speaking at a town hall meeting with the Ghanaian community in New York last Friday after attending the 81st UN General Assembly.
He said remittances, whether $100 or $200 sent to support families or for building projects, collectively supported the economy.
"That is a vote of confidence in what is happening back home.
It may go to support our families, it may go to pay for our construction, building construction at home, it may go to do all kinds of things back at home, but I can tell you that collectively, what is coming in is supporting the economy.
We take what you do very seriously.
The $100 or $200 is what accumulates into $7.8 billion,” he said.
Safe investment
President Mahama, who described the diaspora as the 17th region of Ghana, said the government was working on a framework to create safe investment vehicles for Ghanaians abroad.
"I'm saying that let's move from just remittances into investment.
There's a lot that is happening in Ghana, and so yes, it's good to remit back home, but it's also good to put a little aside and invest in something.
"We're working on the framework to look at where Ghanaians can put their money safely in an investment fund in Ghana and reap profits from it.
I want to do that, come on roadshows and let you know that you can put your money safely here, your money is guaranteed, this is how much you will get as an interest or whatever on it when you invest in these portfolios,” he said.
Advice, invitation
President Mahama also advised Ghanaians in the US facing immigration challenges, including profiling and activities of Immigration and Customs Enforcement (ICE), not to rush to relocate to Ghana without preparation.
"Sometimes living here is not easy. I mean, there are all kinds of issues that you have to deal with.
You have ICE running all over the place, profiling you and all that. And of course some people get fed up with it, and they just decide I'm packing my bag and going home.
"Yes, you've acquired expertise; your expertise is needed back at home, but be careful.
Don't just jump into the pool at the deep end.
You've been away from home for some time; it's not easy to just pack your bag and go back home,” he added.
President Mahama urged them to test the waters first and make investments that could provide income before relocating.
"If you've been living here for five years, 10 years, 15 years, however hard it is, if you want to go home, go on a vacation, put your foot inside there and see how the temperature of the water is before you make a decision.
And it's always better to even make an investment so that when you go home, you have some income that you can rely on," he advised.
Ghana @70
President Mahama invited the diaspora to participate in Ghana's 70th independence anniversary next year.
"Next year, your dear country Ghana will be 70 years old — the first sub-Saharan African country to gain independence.
Seventy years of independence is a big thing, and the planning committee will come out with a programme.
Those of you who are aiming to come back home and join us for the celebration, I wish to extend an invitation to all of you to come and let us celebrate," he said.
