Launch of Diasporan Investment Account (Sankofa) by Ghana Government

The Ministry of Finance, Ghana has launched an investment and savings account targeted at Africans in the Diaspora.

The African Sankofa Account is modelled on a normal investment and savings product which would be jointly supervised by the Bank of Ghana and the Finance Ministry.

The Central Bank is expected to soon come out with modalities on how it is going to be operated. The Finance Ministry has noted that it plans to use the project to offer the Diasporans an opportunity to invest in the country.

The Minister for Finance, Ken Ofori-Atta; launching the product, revealed that the initiative was informed by government’s quest to ensure that the visits by the Diasporans bring tangible benefits to the economy while offering them an opportunity to make good returns on their investments. He also added that; government has targeted more than $3 billion from the Diasporans through the African Sankofa Account.

The Minister pointed out that remittances to Ghana have increased over the last three years, hence there was a good opportunity to use the new investment product to cream part of the remittances. Stating; “In 2017, the country realised about $1.6 billion from remittances; it increased to $2.5 billion in 2018 and there are projections it would cross $3 billion in 2019, after securing about 2.5 billion dollars in the first quarter of this year”.

Ken Ofori-Atta further noted the government was setting up the investment product because it did not require a rigid regulatory restriction to secure the necessary funds, adding that the investment account presents a more flexible approach to securing the required funds from investors.

Minister of Tourism’s view on the African Sankofa Account: Barbara Oteng Gyasi, expressed much excitement about the prospects the Sankofa Account presents hence receiving it as a welcoming news as part of the funds from the investment account will be invested in tourism.