Ghanaian firm to set up "Diaspora Fund" for investment

Accra- Ghana (PANA) -- Ghanaian financial company, Databank Financial Services Limited, said Friday it was in the process of establishing a Diaspora Fund to cater for the investment needs of citizens living outside the country.
Keli Gadzekpo, Executive Vice-Chairman of the company, said remittances from Ghanaian migrants were sometimes stolen or misused by relatives because such funds were usually sent by hand or through informal channels, as a result of problems associated with foreign exchange control.
He said Databank plans to roll out a package that would respond to the needs of migrants, interested in investing in the country.
According to Gadzekop, migration was becoming a major foreign exchange earner and there is the need for an appropriate policy.
He said just as Ghana was exporting gold and cocoa, it was possible for the country to produce more brains for export, with some of such brains remaining in the country to develop the economy.
Gadzekpo put the remittances from Ghanaian migrants at around three billion US dollars a year, which is higher that total official development assistance to the country.

17 september 2004 20:56:00

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