NATIONAL CONSULTATIVE FORUM ON MIGRATION, REMITTANCES AND DEVELOPMENT HELD

Hon Kwadwo Baah-Wiredu, Minister for Finance and Economic Planning has called for a strong public and private partnership to come out with innovative financial products to channel remittances from abroad to support the nation’s development objectives.

“Government needs to prioritize the money transfer sector and formulate policies to turn it into tangible capital pool to boost the economy. In addition the financial service providers must also be proactive in turning this huge source of inflows into good capital”, he stressed.

Hon. Baah-Wiredu said this in his remarks at the opening of a day’s national consultative forum on Migration, Remittances and Development. The forum was organized by the Ministry of Finance and Economic Planning and UNDP in collaboration with the Private Enterprise Foundation. Participants were drawn from the Government, private sector and development agencies.

Hon. Kwadwo Baah-Wiredu noted that remittances have emerged as one of the foremost contributors to Ghana’s GDP adding that the results of these remittances are evidenced proper health care for local residents, increase in employment opportunities and educational level, landed properties just to mention a few.

“This presupposes that, consistent increase in remittances would go a long way to promote national growth towards achieving the goals of MDGs”, he said.

Mr. Daouda Toure, UN Resident Coordinator and UNDP Resident Representative in his remarks also underscored the importance of remittances to developing economies like Ghana saying “Ghana can and should make migration work for its development, by harnessing the potential of non-resident nationals in the diaspora”.

He said the outcome of the consultation will feed into the preparation of a country papers for discussion at an African Regional Consultation on Migration, Remittances and Development to be convened by UNDP and the Ghana Government in Accra in September 2007.

The Minister for Foreign Affairs, Regional Integration and NEPAD, Mr. Akwasi Osei-Adjei chaired the function. Topics being discussed include Migration and Development; Macroeconomic Impact on Remittances and Development; Diaspora and Development; Business Models and Proposals for the Export of Services.