The West African nation’s finance minister, Ken Ofori-Atta, told reporters in Accra on Friday, that his country is targeting its diaspora to raise $3 billion in funding for economic development.
Ghana will structure an investment vehicle to offer better rates than what depositors typically can earn in countries such as the U.S. The ministry of finance is in talks with the central bank about the proposal’s details and plans to launch the program before the end of year-end, he stated.
The current administration planned to raise up to $3 billion on international markets through bonds and syndicated loans to support spending in 2020 and manage debts.
He further states that the propose funding will be used to build infrastructure and develop the agriculture and tourism industries.
President Nana Akufo-Addo is standing for re-election in 2020 against his predecessor John Mahama in a race likely to turn in large part on the incumbent’s stewardship of the economy, which depends on oil, gold and cocoa production.
It’s not just Ghana’s resources that are driving the economic uptick. But her stable democracy, government initiatives to formalize the economy and introduce a more favourable taxation structure are starting to bear.
Also, it’s once floundering manufacturing industry supported with policies focused on diversifying the economy and preventing an over-reliance on the commodity markets.
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