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ABSTRACT
Mobilising and sustaining investment flows are two interrelated challenges of development financing. Given the untapped potential of remittances and knowledge flows of sub-Saharan Africa diasporas, an investment-linked diaspora revenue bonds model is proposed to target three issues: generating diaspora investments, which will not be used to service sovereign debts; linking such investments to projects, programmes, and sectors with high economic returns; and developing hybridised institutional frameworks of local and diaspora actors to manage this investment. This model, a hybrid of sovereign and corporate bonds, draws lessons from the Sukuk market and other diaspora bonds to offer an alternative solution to the multi-dimensional nature of development financing challenges confronting SSA countries.
La mobilisation et le maintien des mouvements d'investissement sont deux défis étroitement liés du financement du développement. Étant donné le potentiel inexploité des envois de fonds et des flux de connaissances des diasporas originaires d'Afrique subsaharienne, un modèle d'obligations-recettes de la diaspora, lié aux investissements, est proposé pour cibler trois enjeux : la génération d'investissements de la diaspora, qui ne servira pas à réviser les dettes souveraines ; le rattachement de ce type d'investissements à des projets, des programmes et des secteurs offrant un niveau élevé de retombées économiques ; et l'élaboration de cadres institutionnels hybridés composés d'acteurs locaux et de la diaspora pour gérer cet investissement. Ce modèle, un hybride de titres souverains et d'obligations de sociétés, s'inspire du marché des sukuk et des autres titres de la diaspora pour offrir une solution alternative à la nature multidimensionnelle des défis du financement du développement auxquels sont confrontés les pays d'Afrique subsaharienne.
La recaudación y la persistencia de flujos de inversión constituyen dos retos interrelacionados del financiamiento para el desarrollo. Tomando en cuenta el potencial de las remesas que es desaprovechado y los flujos de conocimientos de parte de las diásporas del África subsahariana, el presente artículo propone un modelo de bonos de ingresos para la diáspora vinculados a la inversión. Dicha propuesta pretende abordar tres asuntos: generar inversión de parte de la diáspora, evitando su utilizacion para el pago de la deuda pública; vincular dichas inversiones a proyectos, programas y sectores que redunden en alta rentabilidad económica; y crear entramados institucionales híbridos que incorporen a actores locales y de la diáspora en la administración de estas inversiones. Este modelo híbrido de bonos públicos y corporativos incorpora los aprendizajes surgidos del mercado de los bonos sukuk y de otros bonos vinculados a la diáspora, y su objetivo es ofrecer una solución alternativa al carácter multidimensional de los retos enfrentados por los países del África subsahariana a la hora de financiar el desarrollo.
Disclosure statement
No potential conflict of interest was reported by the authors.
Notes on contributors
Emmanuel Frimpong Boamah holds a PhD in Urban and Public Affairs. His research focuses on public policy issues in Africa, environmental governance, and critical theory. He is an Assistant Professor in the Department of Urban and Regional Planning, the State University of New York at Buffalo.
Davina Osei is currently a Ph.D. candidate in Economics and Governance at the UNU-MERIT/Maastricht Graduate School of Governance, Netherlands. Her research interest focuses on using quantitative methods to study development economic issues in Africa.
Thomas Yeboah is a trained policy analyst and an academic with interdisciplinary research interest that focuses on children and young people's migration trajectories, imagined futures, policy discourses on youth, agriculture and unemployment challenge as well as analysis and a interpretation of policy strategies in Africa and general development issues. He is currently undertaking his PhD in Development Studies at the University of Cambridge, UK and serves as a Research Fellow at the College of Distance Education (CoDE), University of Cape Coast, Ghana.