San José: With an average age of 20 and 60 percent of the population under 25, Africa is the youngest continent in the world and has a future. Projections show that a quarter of the world’s population will be African by 2050 (The Guardian). Africa has an opportunity to drive major transformations that adapt to this drastic demographic change and build resilience in an era of disruption.
Unpredictable economic shocks created by the ongoing pandemic, international conflicts such as the war in Ukraine, and challenges in the global economy have sparked innovations in industry, investment, and entrepreneurship across the continent. Now, ten years after Agenda 2063, Africa must plan for a sustainable recovery and reimagine its path forward. What does an Africa prepared for the future look like?
This year, the African Diaspora Network is hosting the 8th African Diaspora Investment Symposium (ADIS) from March 22-24, 2023, to explore trending innovations, plans for the future, and the interconnectedness of sectors including the climate change, health care, finance, education and agriculture. How do we strengthen infrastructure, revitalize markets, and create a healthy environment for communities? What seeds need to be planted to enable a prosperous future for the continent? Get inspired to imagine, celebrate and make an impact on the future of Africa.
US Africa Leaders Summit 2022: Building Lasting Partnerships
The African Diaspora Investment Symposium was originally inspired by the US-Africa Leaders Summit I attended in 2014. Since then, the Biden-Harris administration continues to demonstrate the US government’s commitment. Sub-Saharan Africa.
The African Diaspora Network team and I were delighted to participate in the Young Diaspora and African Leaders Forum in Washington, DC, as part of the 2022 US-Africa Leaders Summit. The forum, with the theme ” Amplifying Voices: Building Lasting Partnerships,” focused on ways to broaden the dialogue between US officials and the diaspora in the United States and provide a vehicle for young African and diaspora leaders to forge innovative solutions on hot-button issues.
Speakers included the President of Liberia, HE George Weah; Congressman Meeks, Chairman of the House Foreign Affairs Committee; and the President of Sierra Leone, HE Julius Maadi Bio. Each emphasized the importance of investing in African youth, as they are the future. The leaders also recognized the importance of the African diaspora in the development of Africa and the growing recognition of its role in the socio-economic development of the continent.
Beyond Remittances: US High-Level Working Lunch
Diasporans represent a powerful constituency in the economic development of Africa and the US. African immigrants to the United States earned $55.1 billion in 2015, contributing significantly to the US economy with $40, 3 billion in purchasing power and $14.8 billion in tax payments (New American Economy 2018).
Diaspora investments also add significant value to African businesses. The World Bank records more than $80 billion sent to and within Africa in 2020. This magnitude of remittances strongly reflects the commitment of Africans in the diaspora to participate in the economic development of their home continent. When presented with an opportunity and a trusted platform, they are willing and able to contribute to social enterprises and mission-driven organizations.
Diasporas represent a powerful constituency in the economic development of Africa and the US. African immigrants to the US earned $55.1 billion in 2015, contributing significantly to the US economy with $ 40.3 billion in purchasing power and $14.8 billion in tax payments
On the first day of the US Africa Leaders Summit, the African Diaspora Network (ADN) and the US Department of State hosted a high-level working lunch to discuss the contributions of the African diaspora to growth and development of Africa beyond remittances. The high-level luncheon was sponsored by the Bill & Melinda Gates Foundation and brought together government leaders, African Ministers of Economy and Finance, private sector leaders and diaspora leaders.
In her keynote address, Dorothy McAuliffe, Special Representative for Global Partnerships at the US Department of State, said: “The importance of remittances cannot be overstated or ignored. Remittances from the African diaspora increased by 6.2 percent in 2021. At this session, it is important for us as stakeholders to look ahead, identify next steps and take action to make remittances more productive for Africa.”
I had the honor of moderating the panel conversation with a strong list of speakers, including Professor Gibril Faal, Director of GK Partners and Visiting Professor in Practice, London School of Economics and Political Science (LSE); Semhar Araia, Head, Diaspora Policy, Africa, Middle East and Turkey Meta Public Policy Team; Benjamin Fernandes, executive director of Nala; and Professor Kevin Urama, Chief Economist at the African Development Bank (AfDB).
The session illuminated new diaspora engagement and sustainable investment strategies beyond remittances. Diasporans are by far the biggest investors in Africa; however, remittances have limitations. They are not easily scalable, so there is a need for sustainable investment, which is why diaspora engagement is critical. Engaging Diasporas has been shown to strengthen the socio-economic development of their home countries through capacity building, skills transfer and partnerships.
I believe that Africa’s prosperity and success can be measured by our move away from reliance on remittances. There are new approaches and investment opportunities trending across the continent, including the African Diaspora Finance Corporation (ADFC). Trust is a key ingredient in the success of these innovations: platforms like NALA and ADFC depend on the trust of the diaspora to be successful platforms.
Africans in the diaspora are truly a force for good, giving generously to the communities in which they live and back home to friends and family. They are the largest direct investors in Africa, not only from abroad, but also from the continent, with 70 percent of migration within Africa.
Celebrating the African Diaspora: Toward a Collaborative US-Africa Politics
To wrap up the first day of the US Africa Leaders Summit, we partnered with the Center for American Progress (CAP), the Africa-America Institute, and the Africa Center to host a special reception for the diaspora. The reception celebrated the African Diaspora and its role in advancing a collaborative US-Africa foreign policy, bringing together a diverse group of African Diaspora individuals and organizations long involved in promoting thoughtful foreign policy. and US strategic towards Africa.
The meeting was an excellent opportunity to underscore the critical role African voices play in ensuring meaningful and sustained US engagement on behalf of the continent, a significant contribution to US foreign policy success. Strategy.
African Diaspora Investment Symposium 2023
ADN is at the forefront of driving innovative means to leverage remittances to drive economic development and COVID recovery on the African continent. We are constantly exploring how best to engage the African diaspora to reinvest in their communities, understanding that diaspora-owned small and medium-sized businesses in the United States and around the world are Africa’s largest contributors and investors.
Our partnership with the US Department of State is timely as the US recognizes the massive growth the continent is experiencing. The African Diaspora Network first connected with the US State Department at the 2014 African Diaspora Investment Symposium (ADIS), hosted by the State Department and USAID. With seed funding from the US Department of State and USAID’s International Diaspora Engagement Alliance (IdEA), ADN hosted the first African Diaspora Investment Symposium in Silicon Valley in 2016.
We look forward to bringing this critical dialogue on beyond remittances back to Silicon Valley for the upcoming 8th African Diaspora Investment Symposium (ADIS).
Almaz Negash is Executive Director of the African Diaspora Network
