Dear Editor,
India receives the world’s highest amount of remittances from its diaspora. In 2015 it is estimated that India received in excess of US$71 billion in remittances. These remittances account for approximately 3.5 per cent of Gross Domestic Product of 2.049 trillion (World Bank, 2014). In spite of these large remittance sums, India has progressively engaged its diaspora through a structured mechanism to harness its potential in other areas (knowledge transfer, direct investment, capital investment, tourism and philanthropy). In order to manage, control and optimize diaspora engagement, India created a Ministry of Overseas Indian Affairs (MOIA). This institution is dedicated to developing policies and programmes to engage the Indian diaspora effectively and efficiently.
But India is not the only country to recognize the power of its diaspora and take positive steps to harness its potential. Over twenty-six countries have a separate diaspora ministry or institution, namely, Armenia, Algeria, Azerbeijan, Bangaladesh, Benin, Comoros, Dominica, Georgia, Haiti, India, Indonesia, Iraq, Israel, Lebanon, Macedonia, Mali, Morocco, Niger, Pakistan, Senegal, Slovenia, Somalia, Sri Lanka, Syrian Arab Republic and Tunisia.
There are also countries with sub ministry-level diaspora institutions, ie, Albania, Brazil, Bosnia Herzegovina, Burundi, Chile, Egypt, El Salvador, Ethiopia, Eritrea, Germany, Ghana, Mexico, Netherlands, Peru, Philippines, Romania and Uruguay.
Many other countries have diaspora institutions at the national level, while many others have diaspora institutions at the local level and at the quasi-government level.
Guyana’s remittances have declined from US$493 million (2013, MPI) to US$417 million in 2015(Ministry of Finance). Remittances to Guyana account for approximately 23 per cent of Gross Domestic Product (GDP) and for a major portion of foreign exchange. Remittances to Guyana provide a relatively stable component of the current account, reliably bringing in foreign currency that helps sustain balance of payments and dampens gyrations.
India’s diaspora remittances as a percentage of GDP are a fraction of Guyana’s ‒ 3.5 per cent compared to 23 per cent ‒Yet India has dedicated an entire ministry to diaspora affairs.
Guyana has twenty-seven ministries (including Telecommunications) to serve less than 800,000 Guyanese in Guyana, but there is no ministry or institution dedicated to engage the more than 800,000 (first and second generation) Guyanese living overseas.
What policies should Guyana adopt after 50 years of Independence?
Yours faithfully,
Wayne Forde
