Government projects $3 billion revenue generation with establishment of African Sankofa Savings Account

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Finance Minister, Ken Ofori-Atta, has indicated that $3 billion in revenue is projected to be accrued by the government in two years with the establishment of the African Sankofa Account.

At a press briefing after the climax of the Year of Return activities, Ken Ofori-Atta explained that the Sankofa Savings Account has been introduced as one of the strategies to take advantage of the success of the Year of Return initiative.

According to the Minister, the initiative, when fully rolled out will provide an investment and savings avenue for the Diaspora Community around the world.

The initiative, according to the Finance Minister, will accommodate both the high and low-income earners who want to invest in their homeland. He added that it would be another source of revenue for the country estimating that $ 3billion in revenue is projected to be made available for the government within the first two years of the operation of the account.

“These would be invested in tourism infrastructure, agriculture value addition, real estates, music, culture, retirement homes, etc,” Finance Minister explained at the briefing.

The yet-to-be-rolled out initiative is still being worked on by the Ministry of Finance, Bank of Ghana and the Ghana Investment Promotion Centre (GIPC) as they are yet to conclude on the modalities with respect to the operations of the account.

Barbara Oteng-Gyasi, Minister for Tourism, Culture and Creative Arts, has expressed her approval for the project noting that “throughout the Year of Return campaign, we have always engaged our visiting global family on opportunities for investment in Ghana and this account will give them the opportunity to do that.”

The “Year of Return, Ghana 2019” is a major landmark spiritual and birth-right journey inviting the Global African family, home and abroad, to mark 400 years of the arrival of the first enslaved Africans in Jamestown, Virginia.

Close to a million diasporans were believed to have made the pilgrimage to Ghana when the programme ended at the end of December 2019.

Source: ABCNewsGh.com

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