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Diasporian News of Wednesday, 30 July 2003

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Ghanaians In Diaspora Form Investment Clubs

The fornation of investment clubs by Ghanaians living abroad to mobilise funds for investment in the country has begun in earnest in the Americas, Europe, Asia and Africa.

The clubs will have the option to buy shares in commercial entities or buy outright any state company which is put on divestiture and revamped it to become productive.

Mr Stephen Asamoah-Boateng, a Deputy Information Minister, was briefing the Graphic in Accra on Monday on the outcome of his recent trip to the USA to mobilise Ghanaians there to contribute to the economic development of the country.

He explained that the strategy is part of the government’s policy of creating the right platform and motivation for Ghanaians in the diaspora to contribute positively to the country’s socio-economic development.

He said the investment clubs will be dealing with the Ghana Investment Promotion Centre, which will provide the required information to enable them to mobilise the resources for a particular investment.

He said the government also sold the idea of introducing certificates of deposits in foreign currency which can be accessed by both Ghanaians and friends of Ghana abroad.

Funds which will be mobilised from the proposed certificates will be utilised by the government for the construction of major infrastructure development and be paid back on agreed terms with the subscribers. “Our agenda is to make our compatriots feel part of the economic development process”, Mr Asamoah-Boateng said.

He disclosed that following discussions with Ghanaians in Fairfax, Virginia, USA and in London, a Ghana Development Investments Trust has also been established to mobilise funds from non-resident Ghanaians to undertake investments in education, healthcare, rural infrastructure of projects and for the promotion of private business.

To this end, a conference on the guidelines for the company which is limited by guarantee, is to be held in Accra on August 27 and 28, during which the board of trustees will be appointed.

He said apart from financial investment, Ghanaians in the diaspora are also being encouraged to bring in new technologies to improve production processes in the country.