Senator Chris Van Hollen, thank you for taking the time to meet with us today. I’m Simon Madjie from AmCham Ghana and we have 120 members who are actively promoting a strong trade and investment relationship between the U.S and Ghana. AmCham Ghana has been the representative arm of U.S businesses and subsidiaries in Ghana for 32 years.
Bilateral trade between the United States and Ghana is about $1.8 billion and U.S FDI stock in Ghana in 2019 is about $1.6 billion. The United States and Ghana signed the Trade and Investment Framework Agreement in 1999 and in 2018, the two countries signed the Memorandum of Understanding to promote trade and investment in strategic sectors during the visit of Secretary Wilbur Ross and members of the PAC-DBIA to Ghana.
Ghana has since been chosen to host the secretariat of the Africa Continental Free Trade Area (AfCFTA) and trading within the Continent has commenced. “As we say in Africa, he who contributes to the building of a house will have a room in that home” This is the time, Honorable Senator, for the U.S Congress to assist Africa to build a credible and inclusive trade bloc, which will make it easier for U.S investors and traders to navigate the market. Areas of support may include; the digital economy, women and youth participation in trade, intellectual property rights protection, customs harmonization, and dispute resolution mechanisms.
I’m happy to announce that Marriott International and Development Alternatives Incorporated (DAI) headquartered in Bethesda, Maryland are some U.S companies from your home region making a significant contribution to Ghana’s development. At this point, I wish to request that more support is required from Congress to protect U.S companies during business aboard especially exporters of U.S goods and services.
The U.S business community in Ghana and on the Continent joins the call for the developed world to make available vaccines to combat the deadly COVID-19 virus. The U.S administration is commended for its bold plan to make available 500 million doses and the easing of the TRIPS agreement to allow less endowed countries to manufacture vaccines.
Again, thank you very much for meeting with us. Should you be interested in more information about Ghana and the AmCham, I would be delighted to follow up separately.
