Adop diaspora bonds to boost remittances – Group urges

The Returnees-diaspora Integrated Development Organization, RIDEO has charged African countries to adopt the use of diaspora bonds to surge remittances to their home countries.

According to RIDEO, if Africa can reduce transactional cost of remittances through the use of diaspora bonds, it can be making some additional $15bn in remittances.

Making the call on the day of the celebration of the Global Diaspora Week in Accra, the Corporate Affairs director of RIDEO Andrew Atariwini noted that “the use of Diaspora bonds in some countries has demonstrated a strategic way of boosting the financial status. Israel and India are making additional $25bn and $1.6bn respectively. It is however worrying that not a single African country is taking advantage of this.”

It is estimated that out of the $440bn world remittance from the Diaspora, Africa is making between $30-35bn with Sub-Saharan African making $21bn.

Mr. Antariwini also criticized the poor handling of Ghanaians who were sent to Cuba for training.

He said “Ghana has even failed to harness the potentials of her citizens who were sponsored to Cuba under the Cuban scholarship project….A handful of these country men and women have returned and either in public service or private while the teeming majority is still in Cuba and America.”

“It’s about time we partner with the Diasporas community, tap their skill, extent rights to them, and remove all the obstacles that hinders fruitful relationship with Ghana. This is one of the fastest and reliable ways to transform our economy,” Mr. Antariwini said.

By: Obrempong Yaw Ampofo/citifmonline.com/Ghana

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