Nana Oye urges structured diaspora engagement as Ghana pushes 24-hour market system, export-led asset allocation – Life Pulse Daily
Editor-in-chiefDecember 22, 20254 Mins read58
Nana Oye Urges Structured Diaspora Engagement as Ghana Pushes 24-Hour Market System and Export-Led Asset Allocation
Introduction
Ghana is currently undergoing a significant economic transformation aimed at restructuring its market systems and boosting export competitiveness. Central to this shift is the active involvement of the African diaspora, a demographic that Deputy Chief of Staff Nana Oye Bampoe Addo describes not merely as a “17th region,” but as an integral extension of Ghana’s political, economic, and intellectual space. As the government rolls out ambitious initiatives like the 24-Hour Economy Programme and accelerated export development, the call for a structured, strategic partnership with the diaspora has never been louder. This article explores the government’s export-led asset allocation strategy, the role of the diaspora, and the practical steps being taken to dismantle colonial-era economic distortions.
Key Points
- Diaspora as a Strategic Asset: Nana Oye Bampoe Addo advocates for moving beyond symbolic recognition to a structured engagement with the diaspora, leveraging their knowledge and capital for national development.
- 24-Hour Economy: The government, through Presidential Advisor Goosie Tanoh, is implementing a 24-hour economic model to optimize value chains and reduce the country’s reliance on imports.
- Import Substitution & Export Promotion: A major focus is on reversing the dependency on imported goods (such as rice and poultry) by stimulating local production and export-led asset allocation.
- Structural Reform: The agenda targets the inefficiencies inherited from colonial economic designs, aiming to integrate agriculture, processing, and logistics.
- Policy Enablers: New measures include Visa-on-Arrival policies for Africans, regulatory reforms, and improved access to land to attract diaspora investment.
Background
The current economic discourse in Ghana is heavily influenced by historical context. Nana Oye Bampoe Addo highlighted that Ghana’s history has never been confined to its physical borders. The intellectual and financial contributions of Ghanaians and people of African descent globally have shaped the nation in ways that standard economic statistics often fail to capture.
The Colonial Legacy
Despite the potential, the Ghanaian economy faces deep-rooted structural distortions inherited from colonial systems. These systems were designed primarily around the export of raw materials and the importation of finished goods. This legacy has created a resilient economic design that exposes Ghana to cross-border price shocks and external vulnerabilities. Today, over 70% of consumption in Ghana is imported, including essential items like rice, poultry, sugar, and vegetable oil, draining foreign currency reserves and suppressing domestic job creation.
Analysis
The government’s current approach represents a fundamental shift from a consumption-based economy to a production and export-oriented one. This analysis breaks down the core components of this transformation.
From Remittances to Asset Allocation
Historically, the diaspora’s contribution has been viewed through the lens of remittances—money sent home to support families. While Nana Oye acknowledged that these remittances stabilize income and consumption, she argued that “consumption without production” deepens dependency. The new vision focuses on export-led asset allocation. This means channeling diaspora capital and expertise into creating productive assets—factories, processing plants, and logistics networks—that generate sustainable wealth rather than just fueling the import market.
The 24-Hour Economy as an Enabler
Mr. Augustus Goosie Obuadum Tanoh, Presidential Advisor on Ghana’s 24-Hour Economy and Accelerated Export Development, provided technical insight into how this structural change will occur. The 24-Hour Economy Programme is not merely about keeping shops open; it is about organizing production around integrated value chains.
Tanoh noted that many productive assets in Ghana—factories, warehouses, ports, and markets—are currently operating under capacity. This inefficiency stems from fragmented systems that create bottlenecks between production, processing, and logistics. By ensuring services such as health, digital utilities, and asset allocation industries operate 24/7, Ghana can synchronize with cross-border markets that function continuously.
The Diaspora Advantage
The diaspora is uniquely positioned to lead this transformation. Having lived and worked in industrialized economies, diaspora professionals understand how sophisticated value chains function. They possess the knowledge regarding export financing, international standards enforcement, and market access strategies. The government aims to pivot diaspora engagement from simple remittance flows to innovation-driven, export-oriented enterprises.
Practical Advice
For members of the diaspora looking to participate in Ghana’s economic transformation, the current environment offers specific avenues for engagement.
Investment in Agro-Processing
Currently, agro-processing facilities in Ghana operate at only 30% to 40% capacity. There is a massive opportunity for diaspora investors to inject capital and technical expertise into this sector. By bridging the gap between agriculture and processing, investors can tap into large consumer bases and export markets.
Leveraging New Policy Frameworks
The government has lowered barriers to entry. Diaspora members should take advantage of:
- Visa-on-Arrival Policy: Facilitates easier travel for business and inspection.
- Land Access Reforms: Recent regulatory changes aim to secure land tenure for industrial and agricultural projects.
Investment Promotion Centers: The Ghana Investment Promotion Centre (GIPC) has streamlined processes for foreign direct investment.
Focus on Value Chain Integration
Instead of viewing investment as standalone projects, potential investors should look for opportunities that integrate with existing value chains. This involves partnering with local farmers for raw materials and utilizing the 24-hour logistics hubs to move goods efficiently to ports for export.
FAQ
What is meant by “export-led asset allocation”?
Export-led asset allocation refers to the strategic placement of capital (investment) into physical and intellectual assets that are specifically designed to produce goods for export markets. It shifts focus from investing in assets that serve local consumption (often of imported goods) to assets that generate foreign exchange through exports.
Why does the government refer to the diaspora as the “17th Region”?
This term signifies the government’s view that the diaspora is as significant to Ghana’s economy and sovereignty as its 16 administrative regions. It implies that the diaspora should be integrated into national planning and economic development strategies, not just viewed as external support.
How does the 24-Hour Economy benefit the average Ghanaian?
By ensuring that value chains operate continuously, the economy becomes more efficient. This efficiency reduces the cost of goods, creates more jobs (as shifts run around the clock), and reduces the reliance on expensive imports, ultimately stabilizing prices for consumers.
What are the specific imports Ghana is targeting to replace?
Based on the statements by government officials, key targets include rice, poultry, sugar, vegetable oil, and essential medications. Replacing these imports with locally produced equivalents is a primary goal of the current economic restructuring.
Conclusion
Ghana stands at a pivotal moment where historical economic distortions are being actively challenged. Through the combined efforts of Nana Oye Bampoe Addo and Goosie Tanoh, the nation is charting a course toward a 24-hour, export-led economy. The success of this ambitious project relies heavily on a structured, pragmatic partnership with the African diaspora. By moving beyond symbolic gestures and engaging in concrete asset allocation and value chain integration, the diaspora has the potential to drive the industrialization and prosperity that Ghana’s youth desperately need.
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