It is that time of the year again, and the American Chamber of Commerce is grateful for all the blessings, support, and contributions of all members and associates to what we are proud to call a successful year despite all the challenges and uncertainties.
2022 might not go down as we envisaged at the beginning when things seem to be reverting to normalcy. But when factors beyond our control truncated optimistic projections for the medium term, we remained steadfast, kept our heads down, and sailed through the turbulent waters. Now that we are here, as a Chamber, we are proud of all your achievements and believe the coming years will improve.
Despite the challenges, AmCham Ghana has been able to host several events to present investment opportunities, advocate for an improved business environment and further strengthen the economic ties between Ghana and the United States.
Notable among these events was the 2022 U.S. – Ghana Business Forum which was attended by high-level U.S. and Ghanaian government officials, executives from our parent organization, the U.S. Chamber of Commerce, top corporate executive, institutional head, and other important stakeholders, to chart a new course in building a sustainable and mutually beneficial trade relations between our two countries.
We also hosted a visiting U.S. Congressional Delegation, the U.S. Ambassador to Ghana, Virginia E. Palmer, and Executives of AmCham Ghana member companies to discuss issues of sustainability and environmental protection in the extractive industry. The Chamber also hosted trade delegations from the U.S. state of Minnesota and the city of Memphis.
AmCham Ghana collaborated with member companies and associates, such as Johnson & Johnson, Delta Air Lines, PwC Ghana, VX Technologies, Webster University Ghana Campus, U.S. Embassy in Ghana, GARIA, and the Ghana Investment Promotion Centre, to undertake several engagements aimed at bridging the funding gap to sustain optimal treatment in mental health, create breast cancer awareness, provide insight into what global CEOs make of the business year, introduce blockchain technology, celebrate black excellence, share valuable insight on investing in the United States through the SelectUSA Program, discuss the new Office of the Registrar of Companies, and embark on a diaspora roadshow to make an investment case for Ghana in the United States.
The Chamber also successfully established the AfCFTA Resource Centre to serve as an information hub for U.S. businesses and provide a conducive environment for networking and partnership with Ghanaian enterprises to take advantage of the trade agreement. The Center signed an MoU with Emory University’s Emory Development Initiative (EDI) to offer virtual and in-person certificated corporate executive training programs granted under Emory University and the EDI on the African Continental Free Trade Agreement.
To help build a profitable franchise ecosystem in Ghana, the Chamber, supported by the U.S. Commercial Service in Ghana, established the AmCham Ghana Franchise Committee to promote successful franchises and advocate for laws and policies to improve the ease of doing business for franchisees. This success led to the Chamber hosting the first franchise training event on How to Launch a Successful International Franchise Business.
For AmCham to better understand the various issues affecting the businesses of our member companies, we conducted surveys to solicit their views to inform our advocacy in mitigating the impact of these challenges. The surveys included the State of the Economy: Impact on Businesses Survey and the African Continental Free Trade Area Survey 2022.
In collaboration with PwC Ghana, the Chamber successfully conducted the second AmCham Ghana Economic Impact Survey to determine the overall contribution of American companies in Ghana and the direct impact on socio-economic development in the country and encourage collaboration and synergies among key stakeholders from data gathered. This survey is being replicated across the West African sub-region to measure the impact of AmCham member companies in the region.
We will use findings from these surveys to guide us in engaging authorities at different levels to make a case for an improved and sustainable business climate.
We also bid farewell to three Board Members, Vish Ashiagbor, Randi Cruz, and Gbile Adewunmi, and one Ex-Officio Member, Philippe Ayivor. The Chamber is most grateful for their selfless dedication and service. As the four took leave, we welcomed two new members, Ashok Mohinani and Kimathi Kuenyehia, to our Board of Directors.
Kindly take a few minutes to read the Chamber’s Report for a full breakdown of AmCham Ghana’s activities.
The Chamber will like to use the opportunity to extend our sincere gratitude to all member companies that supported and sponsored various Chamber events and activities. We thank all participants, speakers, and stakeholders for their valuable contributions and insights. We are most grateful and look forwards to more collaborations.
As the year ends, the American Chamber of Commerce, Ghana, wishes all members and associates and their families a season of joy.
It’s the most delightful time of the year, and you are the most wonderful partner. We wish you the happiest of holidays.
New Year Projections
- I expect Ghana to get a deal from the International Monetary Fund (IMF) following the conditional Staff-Level Agreement on a $3 billion, three years Extended Credit Facility.
- The government’s proposed ‘haircut’ on foreign bonds and the suspension of interest rate payments to domestic bondholders will inversely impact the economy.
- Given the government’s quest for domestic revenue mobilization and the projected total revenue and grants of GH¢143,956 million, I believe the Ghana Revenue Authority will act in an aggressive and predaceous manner to support the government’s initiatives.
- We have noted the seeming stability of the Ghana Cedi against other trading currencies. While we wish the trend continues, we remain cautious and will advise members to prepare for the shocks of currency fluctuations in the coming year.
- We project that the coming year will be full of challenges but remain optimistic and believe that these challenges will present new opportunities.