By Hannah Dadzie
Speakers at the London to Accra Economic Growth Summit say Ghana must move beyond viewing its diaspora as a source of remittances and reposition it as a strategic export engine for skills, services, and enterprise growth.
At a panel discussion examining how London and Accra can function as dual growth hubs, economic thinkers and investment leaders argued that Ghana’s next growth phase will depend less on raw capital inflows and more on how effectively diaspora knowledge, networks, and professional services are integrated into the economy.
President of mPedigree and Vice President of IMANI Africa, Bright Simons, said Ghana’s greatest missed opportunity lies in its underdeveloped services economy, despite strong global demand for knowledge-based industries. He noted that while Ghana imports billions of dollars’ worth of services annually, ranging from ICT and media to consulting and creative content, it has yet to build a competitive export strategy in those areas.
According to him, the diaspora offers a natural bridge for this transformation because Ghanaians abroad understand foreign markets, standards, and consumer behaviour far better than local producers. He argued that modern manufacturing is now heavily driven by services such as design, branding, and marketing—areas where Ghana can compete globally without engaging in a race to the bottom on labour costs.
“Competing purely on cheap production is no longer viable,” Mr. Simons said.
He stressed that countries like China and Vietnam dominate low-cost manufacturing. He called for Ghana to embed higher-value services into production, supported by diaspora expertise.
From the investment promotion angle, Head of Investment and Business Development at the Ghana Investment Promotion Centre (GIPC), Kwame Kesse-Agyepong, said Ghana is already seeing strong interest from diaspora entrepreneurs across manufacturing, fintech, renewable energy, and tourism. He explained that value addition in agro-processing, digital financial services, and green construction is gaining traction, driven partly by diaspora-led innovation.
Mr. Kesse-Agyepong said the GIPC has created a dedicated Diaspora Desk to respond to the growing number of overseas Ghanaians seeking to establish businesses at home. Beyond entry support, he said the Centre now provides aftercare services, regulatory guidance, and access to verified land through an in-house land bank to reduce risks associated with land acquisition.
He, however, cautioned that many diaspora investors underestimate the importance of early engagement with regulators. “Compliance, taxes, and sector licensing are often treated as an afterthought, which creates problems later,” he said.
He therefore urged entrepreneurs to engage institutions such as the Bank of Ghana and the Ghana Revenue Authority before committing capital.
Access to finance also featured prominently in the discussion. Head of Investment at Growth Investment Partners, Kwadwo Adjei-Bawuah, said capital constraints are most severe at the startup and early-growth stages, where businesses struggle to demonstrate viability. He noted that while family funding and angel investors often provide the initial push, development finance institutions are increasingly stepping in at the growth stage.
Mr. Adjei-Bawuah explained that organisations backed by British International Investment and other development financiers support businesses that have operated for at least two to three years and show positive cash flow. He added that declining interest rates are gradually improving bank lending conditions for established firms.
Moderating the session, Country Director of the UK Department for Business and Trade, Giselle Agyare, framed the discussion around changing global realities. She pointed out that while the UK recorded modest economic growth of 1.1 per cent in 2024, Ghana expanded by 5.7 per cent, supported by currency stabilisation and IMF-backed reforms.
Ms. Agyare said diaspora remittances, estimated at US$6.5 billion in 2024—far exceeding foreign direct investment—demonstrate the scale of untapped economic influence that could be redirected into structured investment and trade under the UK–Ghana Trade Partnership Agreement.
The speakers said the future of Ghana–UK economic cooperation lies not only in capital flows but in building cross-border ecosystems where diaspora professionals drive services exports, innovation, and job creation. If harnessed strategically, they said, Ghana’s global diaspora could become one of the country’s most competitive economic assets.
