John Schellhase is a director of Strategic Philanthropy at the Milken Institute. He contributes to and manages projects related to strengthening corporate philanthropy, including overseeing the Institute’s Corporate Philanthropy Leadership Collective.
HM
Haris Mohsin
Deputy Director at the Securities and Exchange Commission of Pakistan
In Akan, the most widely spoken language in Ghana, daakye means future. It is an apt name, therefore, for the Daakye bond program, which invests in Ghana’s future leaders through securitizing future government tax flows. Established in 2020 as part of a 10-year, GHS 9 billion (about US$1.5 billion) funding strategy, the Daakye program has raised GHS 2.4 billion (about US$390 million) for the national education system so far. Since it has done so without issuing traditional government debt—and without donor support—it offers an attractive model for other countries seeking to finance large-scale development projects that advance the Sustainable Development Goals (SDGs) without introducing new fiscal pressures.
This case study provides a deep dive into the Daakye structure and the lessons learned from this innovative financing approach. The study is organized into six parts. First, the study presents an overview of the Daakye securitization’s structure and issuances to date. Second, the study describes the steps the government undertook to establish the Daakye program and the key private-sector institutions involved. Third, the study examines the key features of the structure that attracted investors. Fourth, the study examines a prior government securitization, the Energy Sector Levy Act (ESLA) program, which served as a model for the Daakye bond program. Fifth, the study includes a discussion of the fiscal policy implications of securitizing future government tax flows. Finally, the report offers five lessons from Ghana’s experience that could help inform other emerging-market governments seeking to develop similar funding mechanisms.
This case study focuses on Kenya, where a population of 55 million people, multiple climate zones, and escalating health challenges due to climate change present unique challenges when it comes to establishing an EWS.
Washington D.C., USA, December 19, 2023—To help strengthen local capital markets, IFC and the Milken Institute have joined forces with Georgetown University’s McDonough School of Business to provide advanced knowledge and skills training to...
Paul Guequierre is the director of strategic communications. In this role, he works to increase the profile of Milken Institute in the media, raise the visibility of issues important to the organization and its stakeholders, and expand the Institute's digital presence.
AgriTech, the use of emerging technologies to help farmers become more efficient and profitable, promises to help revitalize and potentially revolutionize agriculture all over the world. AgriTech innovations can significantly increase farm...
The Milken Institute today announced the launch of the Africa Leaders Business Council. The newly established council brings together a group of thought leaders, entrepreneurs, investors and experts across business, technology, finance and...
Associate Director, Milken Institute International
Yeen Chee Chong is an associate director for Milken Institute International. Based in Singapore, he oversees and manages strategic communications with a wide range of global and regional media publications and partners. Chong works closely with colleagues in both Asia and the United States on planning and implementing global public relations and social media campaigns.
Forty-seven percent of Nigerians reportedly use cryptocurrencies, one of the highest rates in the world. Nigeria ranks second out of 155 countries covered in the 2023 Chainalysis Global Crypto Adoption Index, followed by Kenya (21st place)...
By 2022, according to the International Monetary Fund, of the one-quarter of countries in sub-Saharan Africa that formally regulated crypto, two-thirds of these had implemented restrictions and six...
The Milken Institute, International Finance Corporation (IFC) and the George Washington University School of Business (GWSB) are proud to welcome the third cohort of IFC-Milken Institute Fellows, the Class of 2019. This select group of 23...
Growth in capital markets in the East African Community (EAC) has not kept up with the pace of economic growth. Rwanda, Kenya, and Tanzania all posted annual growth rates above 5.4 percent over 2015-2017. This makes East Africa the fastest...
Director, Global Market Development, Milken Institute International
Carole Biau is a director for Global Market Development at the Milken Institute, where she works to inform financial and economic policy across developing and emerging markets.
WASHINGTON, DC (March 5, 2024) — Optimism and opportunity, balanced against a world in flux, are influencing global investment decisions, according to a new report by the nonpartisan Milken Institute. The Global Opportunity Index (GOI)...
Paul Guequierre is the director of strategic communications. In this role, he works to increase the profile of Milken Institute in the media, raise the visibility of issues important to the organization and its stakeholders, and expand the Institute's digital presence.
The Milken Institute designed the Global Opportunity Index (GOI) to assist investors seeking opportunities outside their local markets, as well as countries intending to improve their business environments. The index is based on 100...