In an effort to foster economic ties between the Ghanaian Diaspora and their homeland, Lorraine Wright-Boateng MBE is leading the charge for increased business and investment opportunities in Ghana. The entrepreneur, who divides her time between the UK and Ghana, aims to facilitate stronger connections between the two nations and ease the complexities of navigating Ghana’s business and investment landscape.
“My passion to bridge the gap between the Ghanaian Diaspora and Ghana, namely in the space of business and investment opportunities, is my main driver. As someone who lives in both the UK and Ghana, I understand the importance of staying connected to both countries. I want to help others build and maintain their connection with both countries and navigate the business and investment landscape in Ghana with less frustration and fear of being taken advantage,” says Wright-Boateng.
Wright-Boateng, the founder of a Strategic Advisory Practice, recently launched her new book, “Diaspora to Daakye,” offering a comprehensive guide on purchasing property in Ghana for those residing abroad. Her book not only demystifies the investment process but also provides insider tips on securing properties, identifying strategic investment areas, and avoiding pitfalls.
In 2018, President Nana Akufo-Addo initiated a campaign inviting the African diaspora to explore Ghana, reconnect with their heritage, and even acquire citizenship. Lorraine Wright-Boateng who is Ghanaian-British has since become a key player in providing strategic guidance for property investment and business expansion in the country.
“I used to have some stereotypes and misconceptions about investing in Ghana. I used to think that the country was a high-risk investment destination and that it offered low returns on investment. However, I have since learned that this is not the case. Ghana is a developing country, but it has a stable political system, a growing economy, and a young and growing population. This makes it an attractive destination for foreign investment.
I also used to think that systems in Ghana don’t work. However, I have since learned that this is not the case either. It is important to go through the right channels and have a good network of people who have experience in what you are looking to do.”
Ghana, known for its openness to investments, has seen a surge in economic activity, with $1.9 billion injected into the economy after the “Year of Return” initiative. Despite recent setbacks, including an economic crisis, the government has approved a $102.6 million budget support program focused on fiscal consolidation and economic recovery. Wright-Boateng, not only active in real estate but also a supporter of agricultural technology, has invested in Grow For Me, a Ghanaian company aiding farmers in increasing yields and profits. She emphasizes agriculture as a crucial sector in Ghana’s economy, demonstrating her commitment to supporting local farmers.
The Diaspora Affairs Office reports that at least 1,500 African Americans have relocated to Ghana since 2019, showcasing the success of initiatives like the “Year of Return” and the continued efforts of individuals like Lorraine Wright-Boateng.
“Diasporans can respectfully connect with places like Ghana by understanding and appreciating Ghanaian culture. Networking events are a great way to learn about the dynamics of Ghanaian culture, especially if you have not been in touch with the country for a while. It is also helpful to leverage diaspora networks like GUBA and events like Beyond the Return in Ghana. The government has also established the Diaspora Affairs Office to cater to the needs of diasporans and engage in investment activities.”
Dispelling stereotypes about investing in Ghana, Wright-Boateng highlights the country’s stable political system, growing economy, and young population as attractive qualities for foreign investors. Acknowledging challenges, she notes ongoing government efforts to strengthen the regulatory system, improve the ease of doing business, and restore fiscal discipline.
“I believe that my work can have a positive impact on the lives of many people. I am excited to continue educating the Ghanaian Diaspora about business and investment opportunities in Ghana, working with the Ghanaian government to create a more welcoming and supportive environment for diasporan businesses, mentoring and supporting young Ghanaian entrepreneurs, and advocating for policies that promote economic growth and development in Ghana.”
In an exclusive interview, Lorraine Wright-Boateng expressed her excitement about the positive impact her work can have on the lives of many. She remains committed to educating the Ghanaian Diaspora, collaborating with the government for a more supportive business environment, mentoring young entrepreneurs, and advocating for policies fostering economic growth in Ghana.
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