Dear Friends and Colleagues,
The African diaspora plays an undeniably significant role in shaping Africa’s economic landscape. In 2022 alone, the World Bank reported over $52 billion USD in remittances sent to and within the continent. These substantial contributions demonstrate the unwavering commitment of African diasporans to their homeland’s economic progress. However, there remains untapped potential to maximize the collective impact of these cross-border remittances.
In 2022, the African Diaspora Network (ADN) launched the Beyond Remittances initiative, now an integral part of our five-year strategic plan. This plan aims to move beyond remittances by directly investing in emerging African startups across various sectors, including social innovation, product development, services, real estate, and infrastructure projects. By diversifying the types of capital flowing into Africa, the diaspora can drive exponential economic growth and create extensive employment opportunities.
This strategic effort seeks to enhance opportunities for the diaspora, strengthen cultural, social, and economic ties within African communities, and address various needs of both the African population and diaspora communities. The key question and opportunity remain: How can we in the diaspora fully capitalize on these possibilities? At ADN, this is an ongoing conversation for which we need our network’s participation and insight.
Jolis Nduwimana received $10,000 after winning the ADIS24 Pitch Competition
Our collective goal is to encourage the diaspora to evolve beyond remittances and actively invest in the continent’s growth. Many diaspora leaders are already spearheading this effort, and we plan to celebrate and amplify their work at the 2025 African Diaspora Investment Symposium (ADIS25), scheduled for spring in Washington, DC. In the meantime, here are a few ideas to explore when thinking about how to go beyond remittances.
Entrepreneurship and Business Ventures: Africans in the diaspora can start their own businesses or support local entrepreneurs in Africa. They can bring innovative ideas, technology, and management practices to create sustainable enterprises. Additionally, they can serve as role models for aspiring entrepreneurs and provide guidance on establishing and scaling businesses.
Diaspora Investment Networks: Africans in the diaspora can form investment networks or join existing ones that focus on Africa. These networks facilitate collaboration, information sharing, and joint investments. By pooling resources and knowledge, they can amplify their impact and mitigate risks associated with investing in Africa.
Philanthropy and Impact Investing: Africans in the diaspora can engage in philanthropic activities and impact investing that address social and developmental challenges in Africa. They can support initiatives in sectors such as education, healthcare, poverty alleviation, and sustainable development. Diasporans can achieve this through donations, grants, or impact investments in social enterprises.
Building Partnerships: Africans in the diaspora can actively seek partnerships with local organizations, governments, and institutions in Africa. By establishing connections and fostering collaborations, they can identify investment opportunities, gain local insights, and navigate the business environment more effectively.
Policy and Advocacy: Africans in the diaspora can advocate for policies that promote investment and economic development in Africa. They can engage with policymakers, participate in forums, or join advocacy groups to raise awareness about the potential of investing in Africa and address any challenges or barriers.
Thank you for your support and commitment to our work. Please also reach out to us with any insight and questions at info@africandiasporanetwork.org.
With appreciation,
Almaz Negash
CEO & Founder
African Diaspora Network
