Seems like we may see the return of many Ghanaian professionals from the diaspora.
From http://www.thecrimson.com/article.aspx?ref=526932:
"Troubled financial institutions that recruit heavily from Harvard may soon face restrictions on hiring international students if they accepted federal bailout funding. Under a recently passed amendment to the federal stimulus bill, companies participating in the Troubled Assets Relief Program—a government financial-rescue plan implemented last fall—will face more restrictions in hiring H-1B visa holders, foreigners with at least a bachelor’s degree and “highly specialized knowledge” in a particular field. Firms affected by the amendment—including nearly all large investment banks—have consistently hired from Harvard Business School and Harvard Law School in past years, prompting Harvard’s lobbyists to push for a loose interpretation of the restrictions. Firms that have accepted TARP funds would be required to demonstrate that they have made concerted efforts to employ and avoid laying off U.S. citizens before hiring H-1B visa holders, said Kevin Casey, the University’s chief lobbyist."
I was first alerted to this when a good friend of mine, a Ghanaian, called me to say he had lost his job because his H1-B visa had been revoked. This does not affect only fresh graduates but those currently employed too. I followed discussions of protectionism in Obama's stimulus bill in the blogosphere but the probable effect on labour escaped me. American jobs for Americans then?
My sympathies to anyone out there who has fallen victim to this development. I hope the consequent personal financial difficulties are manageable. In the short term, it's bound to exacerbate the decline in remittances and investment to some degree so this is a challenge for Ghana's macroeconomic situation. However, opportunities and threats are always 2 sides of the same coin. Is the Ministry of Employment and Social Welfare aware of this development and is it worthy of a strategic response? This is an opportunity for the Ghanaian government and businesses to attract sorely-needed skilled labour back to Ghana. The increased competition should also mean that skilled labour in Ghana must up our game and be more productive.
I can't help thinking that the USA is weakening it's long term future though. It's spending an awful lot of money that it cannot afford to entice demand back up to pre-crunch level, a level that many experts seem to agree was only maintained by unsustainable levels of debt; it's becoming more protectionist by the day; and now, for a country that's gained so much from immigration, it's driving out some of the most productive people that its trained, many of them on scholarships.
Interesting times!
