The remittances sent home every year by the African Diaspora should create a doorway to still greater opportunities, and the key to this door is financial access. While remittances do impact the living standards of beneficiaries directly, the banks that pay out the remittances month after month should offer recipient families a basic financial package including savings accounts, payment services and small loans for microenterprise. This should facilitate growth from current levels of remittances saved and invested. Leveraging of remittances through financial inclusion is certain to increase their development potential.
At the recent Congressional Black Caucus (CBC) Legislative week held in Washington DC, African Diaspora was the focus. Economic development—supporting Africa’s priorities in the areas of jobs, education, gender, health, youth—was one of the main threads that ran through the week-long discussions.
At the session “Africa Rising: A Continent of Opportunity”, Makhtar Diop, the World Bank’s Vice President for Africa, was one of three panelists discussing “Africa’s Growing Economies.” Africa’s average growth has exceeded five percent per year and accelerated to six percent before the global economic crisis. Performance of the 22 non-oil exporting countries averaged higher than four percent annual growth for the decade between 1998 and 2008, all of which he attributed mainly to better macroeconomic policies.
I met Roselynd Laubhouet in 2004 when, as a recent graduate, she accepted an assignment as a Junior Professional Associate with the World Bank's Africa Region in Washington, D.C. From day one, it was evident that Roselynd was special. Being an entrepreneur at heart, she was filled with dreams, aspirations, and a passion for her home country of Senegal (and her continent) that set her apart.
When Roselynd and I reconnected in Abidjan last December, eight years after our first meeting, I was pleasantly surprised to learn that not only had she moved home to Senegal, but she had also started a successful international business. The journey from bureaucrat to entrepreneur was not easy, but it was clear that--having returned home--Roselynd was realizing her dreams.
I was curious to learn the secrets of her success, to understand the challenges facing returnees, and gather any advice for other Africans in the Diaspora considering a return. Roselynd was kind enough to share her experiences with me in the hopes that other young women in the Diaspora might be inspired to follow in her footsteps.
In response to this intriguing question, raised by Dele Fatunla on the Diaspora Debate blog at African Arguments Online, we believe the Diaspora is a rich source of much-needed human and financial capital that ought to be better leveraged to benefit Africans on the continent.