Since President, H. E. Nana Addo Dankwa Akufo-Addo announced in 2018 that the Year of the Return, 2019, there is renewed interest in Ghana is a place of investment, building, and possibility. The announcement was heard all over the globe, and hosted an array of celebrities internationally, making their way into Ghana to explore, learn, and appreciate their roots, as well as unite with Africans on the continent.

On Feb 11, 2020, Ghana signed the AfCFTA agreement and since hosted the Africa Continent Free Trade Area Secretariat, and it has been trading under the AfCFTA agreement. Operating under this agreement has some positive implications and potential outcomes for Ghana and for the Diaspora. Both are now well-positioned to take advantage of growth opportunities in the global market.

Ghana is one of the foremost leading nations in Africa with ready borders and customs facilities that match the trading criteria of the AfCFTA.

In January, 2021, Ghana hosted its first export within the scope of the agreement, setting a precedent for other nations. Since then, Ghana and seven other countries, including Cameroon, Egypt, and Kenya, have committed to start trading under the AfCFTA. This is significant as it marks real progress within the agreement.

Addressing the Africa Export and Import Bank’s Export Trading Company Seminar, Deputy Minister of Trade and Industry Herbert Krapa, reiterated that the move underpins a landmark move for Africa and that he expects other member countries to follow suit.

Under the Rules of Origin discussions, 87.7% of import tariffs have been settled, while phase two consultations on Investment, Intellectual Property Rights, Competition Policy, Women and Youth in Trade, and Digital Trade are underway.

Ghana’s position is a gamechanger as it now positions private industry leaders to expand logistics, operations, and economic ties in other African countries, thereby creating new economic possibilities not just in Ghana, but potentially in all countries of trade.

The African Diaspora is the worldwide collection of communities descended from native Africans or people from Africa, predominantly in the Americas. The term most commonly refers to the descendants of the West and Central Africans who were enslaved and shipped to the Americas.

The African Diaspora is estimated to be 300 million strong by conservative measures, with a Global Gross Domestic Product (GDP) of over $2T USD.

Sometime in 2013, the African American consumer market exceeded the trillion dollar mark for the first time. To put this figure in perspective, that market is larger than the market for the entire nation of Spain.

Collective African American net income (spending power) now exceeds $1 trillion dollars annually. Because of this economic reality, a wide variety of contemporary companies continually create marketing campaigns to effectively reach this important segment of the U.S. consumer market. Yet, in the not-too-distant past, black consumers were all but ignored in the American marketplace. Via our projects and partnerships with the Continent and throughout the Diaspora, we have a unique, historical opportunity to showcase the economic potential and buying power of both in the global marketplace.

Based on the data, we believe The Year of The Return hosted by Ghana in 2018-2019 opened significant doors for the collective Diaspora to return to Ghana with significant opportunities and resources to bolster the economy.

African Diasporans not only infuse economic growth and development in Africa through the streams of remittances they send, but they also serve as catalysts for bilateral trade, which was originally thought to be facilitated only by the government. Given the African Diasporans’ exposure and resources, inciting trade relations between their home countries and residing countries has become relatively easy.

Considering the growing importance of the African diaspora in America, Joe Biden’s administration made a declaration in 2021, according to the New Africa Daily report to foster trade in the African continent through the Diasporans.

That said, African Diasporans’ contribution to facilitating bilateral trade increases the African economy, and as African governments become more cognizant of this, they support the creation of a trade forum that attracts Diasporan investors.

This now uniquely positions the African and African American Diaspora to create healthy trade opportunities benefiting the continental economies.