IFC Chief Challenges Ghana to Harness Diaspora Potential for Economic Growth

Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has held high-level talks with the Managing Director of the International Finance Corporation (IFC), Mr. Makhtar Diop, aimed at deepening strategic cooperation in key sectors of the Ghanaian economy.

In a wide-ranging conversation on the sidelines of ongoing global development meetings, Mr. Diop expressed the IFC’s keen interest in scaling up its investments in Ghana. He called for a sharper focus on targeted sectors that would boost productivity and economic returns.

Notably, Mr. Diop expressed surprise at Ghana’s limited engagement with its diaspora community, describing it as an underutilized asset with immense potential to drive national development. He urged the government to explore innovative ways of mobilizing diaspora capital and expertise to support critical sectors of the economy.

His comments revive discussions around Ghana’s earlier efforts, including the widely acclaimed “Year of Return” and its follow-up “Beyond the Return” initiative—both of which sought to foster stronger ties between Ghana and the African diaspora. However, earlier plans to issue a Diaspora Bond, introduced under the previous administration by then-Finance Minister Ken Ofori-Atta, have yet to be implemented.

Responding to the IFC Managing Director, Dr. Forson expressed appreciation for the Corporation’s continued support and conveyed warm greetings from former President John Dramani Mahama. He reaffirmed the government’s commitment to attracting private capital and called for deeper collaboration in infrastructure, agriculture, and other growth-aligned sectors.

The meeting was also attended by the Governor of the Bank of Ghana, Dr. Johnson Asiama, who emphasized the importance of strengthening Ghana’s financial sector through technical and investment support. He highlighted the opportunity to partner with the IFC in stabilizing and revitalizing specialized deposit-taking institutions currently undergoing reforms.

Also present were Dr. Nii Moi Thompson, Chairman of the National Development Planning Commission, and Mr. Seth Terkper, Senior Economic Advisor at the Ministry of Finance.