The Managing Director of the International Finance Corporation (IFC), Mr. Makhtar Diop, has expressed surprise at Ghana’s inability to fully harness the potential of its diaspora community to drive national development.
Speaking during a high-level meeting with Ghana’s Finance Minister, Dr. Cassiel Ato Forson, Mr. Diop described the diaspora as an “untapped resource” that, if strategically engaged, could significantly boost investment flows, innovation, and economic transformation. He encouraged Ghana to prioritize diaspora engagement as a key pillar of its development strategy, highlighting successful models in other countries.
His remarks come at a time when Ghana has already taken bold cultural steps to reconnect with its diaspora. Notably, the government launched the Year of Return in 2019, marking 400 years since the first enslaved Africans arrived in the Americas. That initiative drew thousands of visitors, celebrities, and investors from the global African diaspora and generated significant tourism and business revenues. It was followed by the Beyond the Return initiative, aimed at deepening diaspora engagement through investment, innovation, and cultural reconnection.
This could reignite conversation around Ghana’s own dormant Diaspora Bond initiative, which was announced under former Finance Minister Ken Ofori-Atta as part of broader efforts to mobilise alternative sources of funding.
Mr. Diop’s comments undoubtedly suggest that more could be done to translate cultural connection into well structured economic partnerships.
The IFC boss emphasized the IFC’s commitment to increasing its investments in Ghana, calling for a more targeted approach that focuses on sectors capable of enhancing productivity and delivering higher economic returns.
In his remarks, Dr. Forson thanked the IFC for its longstanding support and conveyed warm greetings from former President John Dramani Mahama.
He welcomed the call to better leverage Ghana’s global diaspora and noted that steps would be taken to design more effective frameworks to that end. Dr. Forson also invited Mr. Diop to visit Accra in the near future to continue discussions on strategic cooperation.
The meeting, held on the sidelines of global financial discussions, also featured the Governor of the Bank of Ghana, Dr. Johnson Asiama, who stressed the importance of strengthening financial sector partnerships. He pointed to the ongoing recovery of specialized deposit-taking institutions and said IFC’s support would be crucial in consolidating stability within Ghana’s financial system.
Also present were the Chairman of the National Development Planning Commission (NDPC), Dr. Nii Moi Thompson, and Senior Economic Advisor at the Ministry of Finance, Mr. Seth Terkper, who joined in reaffirming Ghana’s drive to deepen cooperation with the IFC, particularly in infrastructure development and agriculture.
