Diaspora remittances to Africa now more than foreign direct investment: Ghanaian Govt
Ghanaian Minister of Interior Ambrose Dery has urged African leaders to pay more attention to African migrants as more money comes through them than foreign direct investment (FDI).
Quoting available statistics, he said with remittances by migrants now outweighing FDI, migration issues should be prioritised such that its advantages “are harnessed while curbing its limitations.
“Migration, as we are aware, has assumed an important role in the global agenda due to its prospects for social and economic development and has gained recognition from policymakers and leaders of nations,” said Mr Dery. “In Ghana, for instance, the contribution of migrants has played a great role in shaping our national development over the years. We cannot gloss over the numerous benefit of migration.”
The Ghanaian minister added, “For example, the flow of migrant remittances into African countries is now projected to outweigh the foreign direct investment and official domestic assistance. The complex migration dynamics confronting member states mean that in addition to the benefit of migration, there are also challenges.”
On Tuesday, he stated this, stakeholders in the West African sub-region met to review the priorities on ensuring safe, orderly, and regular migration as enshrined in the Global Compact for Migration.
Representatives from the International Organisation (IOM), African Union (AU), and the Economic Community of West African States (ECOWAS), who topped the list of stakeholders, are holding a three-day consultation on the implementation of the global compact.
The global compact is the first inter-governmentally negotiated agreement, prepared under the auspices of the United Nations, covering all dimensions of international migration in a holistic and comprehensive manner.
This is coming even as all member states agree that migration is very cardinal to the economic development of the sub-region, with foreign remittances by migrants said to now outweigh FDI.
He pointed out that specific migration challenges included the movement of people from rural areas to urban centres resulting in rapid urbanisation.
Mr Dery also stated that the growing trend in trafficking, smuggling of migrants, and abuse of migrants’ rights were also challenges.
Speaking, Nigeria’s Minister of Humanitarian Affairs, Disaster Management, and Social Development, Sadiya Umar, represented by Fatima Azi, NAPTIP’s director-general, said, “We have a rich diaspora base whose social and economic remittances assist the government in achieving the desired development goals.”
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