AmCham Ghana AfCFTA Resource Centre Hosts Training Session On How To Export Under AfCFTA

 

The AmCham Ghana AfCFTA Resource Centre, under the auspices of the American Chamber of Commerce, Ghana, and in partnership with the Africa Trade Academy, on March 3, 2023, hosted a training session on the topic, Expanding into African Markets: How to Export Under AfCFTA, to provide members with insight on the various aspects of the agreement to ensure optimization of the opportunities presented under the new free trade agreement.

AfCFTA is a high-ambition trade agreement with a comprehensive scope that includes critical areas of Africa’s economy. By eliminating barriers to trade in Africa, the agreement seeks to significantly boost intra-Africa trade, particularly trade in value-added production and trade across all sectors of Africa’s economy.

The instructor for the training session, Dode Seidu, took participants through the various processes of analyzing Africa’s market opportunities, researching African markets, and means of entering other African markets through AfCFTA.

Dodie noted that, for companies to trade under AfCFTA, they must be properly registered, have an exportable product, understand the market requirements of destination countries, know the tariff and non-tariff barriers to products, and be registered with Ghana National Chamber of Commerce and Industry (GNCCI) to obtain a certificate of origin.

He also shared insight on the African Continental Free Trade Area (AfCFTA) Rules of Origin manual which serves as a guide to the operationalization of Annex 2 on Rules of Origin, an essential part of the AfCFTA.

For businesses to be able to succeed, Dode advised companies to pick the right entry strategy, understand the consumer base of the country they want to export to, use informal markets and capacity building by setting up extensive training programs to develop the skills of locals and integrate them into their business, and manage risk by building partnership with locals and engaging key stakeholders.

 

As governments, the AfCFTA secretariat, and other stakeholders strive to implement and fully operationalize the African Continental Free Trade Agreement, the AmCham Ghana AfCFTA Resource Centre is committed to hosting more engagements to provide members with vital information to succeed.

The AfCFTA Resource Centre was set up at the American Chamber of Commerce, Ghana, to serve as an information hub for U.S. businesses and provide a conducive environment for networking and partnership with Ghanaian companies to take advantage of the trade agreement.

Carloking Freight Logistics Limited Joins AmCham Ghana

The American Chamber of Commerce, Ghana, is pleased to announce Carloking Freight Logistics Limited as a new member of our association of progressive businesses.

Carloking Services (Carloking) was founded in 1992 as a Freight Forwarding and Logistics Company in Ghana. The company has its headquarters at Tema in the Greater Accra Region of Ghana. Carloking Service is renowned for its Freight Forwarding business and complete logistics solutions to international and domestic clients both in Ghana and abroad. Our objective is to ensure total commitment towards the delivery of cargo safely to our clients.

With over twenty (20) years of experience in the freight sector, the Company has been able to deliver uninterrupted logistics solutions to its clients locally and globally. Our unparalleled logistics service solutions are a result of proven just-in-time cargo delivery across the globe. We operate a Complete Freight Forwarding service including Customs Brokerage, Project Cargo Management, Household Removals (Relocation Services), etc. In addition to that, we have our warehouse on-site with a loading and off-loading bay for executing forklift-related operations.

The Company takes pride in its ability to provide swift processing and delivery of cargo with the assistance of qualified staff. The staff at Carloking Services have wealth of experience on the job and are committed to ensuring the utmost customer satisfaction. Also, all staff works cohesively as a team to ensure that each operation is managed by delivering on the exact requirements and concerns of the customer. The team also offers advice to customers who may not be well-informed on freight transportation and may require further clarification on the shipment of goods.

As part of the company’s strategic growth plans, other branches have been opened at entry points into Ghana; Kotoka International Airport, Takoradi, and Tema. Carloking is also involved with several networks and associations to provide innovation and customer satisfaction. Learn more

These networks and associations include:
a. Ghana Institute of Freight Forwarders (GIFF)
b. Associate of Ghana Industries (AGI)
c. The World Cargo Alliance (WCA)
d. World Cargo Alliance Project Network (WCAPN)
e. International Association of Movers (IAM)
f. The American Moving and Storage Association (AMSA)

 

As an internationally certified freight service company, they understand the need for safety and delivery hence the goal is to ensure customers are always happy with their service.

They offer;

 

TEMA OFFICE

AIRPORT OFFICE

WEBSITE

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U.S. Launches SelectUSA Summit Recruitment for Ghanaian Investors

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The U.S. Embassy joined the American Chamber of Commerce (AmCham) in Ghana yesterday to launch the 2023 SelectUSA Summit recruiting program.  The event attracted Ghanaian companies and individuals from a variety of economic sectors to highlight the benefits of investing in the United States.  In its 2022 report, Kearney Global Business Policy Council ranked the United States as the number one global destination for future Foreign Direct Investment for the tenth consecutive year.

“Our economic engagement with Ghana continues to grow.  One of our top priorities is to expand bilateral investment, not only into Ghana but into the United States as well,” explained U.S. Embassy Economic Section Chief Stephanie Hutchison at the event.  Ghanaian investments can help drive more exports of key locally sourced goods from Ghana to the United States.  She further explained that “investing in the United States can help Ghanaian companies diversify the goods and services that they provide and build their brand internationally.”

Hutchison highlighted the United States’ strong culture of innovation, as well as its business environment, labor force, diversity of industries, and lucrative domestic consumer market in her remarks.  The United States remains the largest recipient of inward foreign direct investment in the world with $5 trillion in cumulative investment at the end of 2021.

The event featured speakers from the U.S. Embassy, the American Chamber of Commerce, the Department of Commerce’s SelectUSA program, as well as from Ghanaian companies Ekumfi Fruits and Anning Bonsu Enterprises.

Acting Commercial Counselor Laurie Kelleher explained U.S. Government resources available to investors, including specific ways the SelectUSA Program can assist potential investors to identify opportunities and partners, find state and local resources, and navigate company registration and other investment processes.  She highlighted the benefits of attending the SelectUSA Investment Summit, the premier annual event dedicated to promoting investment into the United States.  SelectUSA attendees can participate in more than 100 dedicated sessions featuring C-Suite Executives, Cabinet Officials, U.S. Governors, and U.S. Economic Development Organizations from 51 U.S. States and Territories in one location. The 2022 SelectUSA Summit, the largest to date, attracted 3,000 attendees, including 1,400 companies from 70 foreign countries.

Dr. Obafemi Elegbede from SelectUSA described how to select a location for a business, register a company, and open a bank account in the United States. Other local speakers highlighted their experiences in the U.S. market, including the strong affinity for Ghana and Ghanaian products in the United States and complementary industries such as food processing, logistics, energy, software and IT services, and tourism, among others.

The Commercial Section of the U.S. Embassy will lead the Ghanaian delegation to the SelectUSA Summit, which will be held on May 1-4, 2023 in Washington, DC.  For more information about attending the SelectUSA Investment Summit, the SelectUSA Program, and investing in the United States, please visit the U.S. Embassy website section for businesses and investors: https://gh.usembassy.gov/business/getting-started-usa/

Consultative Meeting Of Bilateral Chambers Of Commerce

 

Ghana remains attractive to significant foreign direct investment (FDI). Major multinational companies are in Ghana due to its relative peace, strong democratic culture and good governance, rule of law, educated workforce, and welcoming population. Ghana’s leadership on the international economic stage is epitomized by the hosting of the Africa Continental Free Trade Agreement (AfCFTA) Secretariat in Accra, bolstering the country’s position as a major commercial hub for the continent.

The undersigned, a group of bilateral trade associations representing the interest of international and local companies operating in the country, having invested significantly, employing mainly Ghanaians, and paying taxes, wish to draw the government’s attention to the following which threatens the country’s position as a leading and favorable destination for business and investment.  We are also not oblivious of the current economic challenges and the proposition that all must contribute their share to the solution.  However, we are convinced that given the right incentives and the desired operational flexibility with less interference, the private sector shall provide the needed resources for Ghana’s long-term growth and prosperity.

The matters of great interest to the bilateral trade associations include the following:

  1. The Government has our unbridled support in its negotiations with the International Monetary Fund (IMF) and we endorse the initiatives to mobilize domestic revenue for the country’s development. Our member companies are all in the formal sector and known large taxpayers. They are, however, deeply concerned about the perceived predatory nature and outright harassment by Ghana Revenue Authority (GRA) officials in the conduct of audits and the resulting imposition of penalties as part of efforts to collect more taxes from companies that are already large taxpayers.  Our member companies expect greater consultative opportunities in the development and rollout of tax reforms.

 

  1. In our opinion, a partial or full recovery from the current challenges is largely dependent on the private sector creating more jobs and hence, paying more taxes. In this regard, we urge the government to harmonize all legislation, rules, and regulations to spur coherent private sector participation in the economy.  While our member companies fully support and encourage local content development and participation, for example, its implementation must not threaten or undermine the existing ecosystem.  The rigidity of localization regulations is threatening investments in the mining, energy, and digital/communications sectors.

 

  1. Our members are unsettled by delays in payment for the supply of government goods and services as well as the seeming challenges with contract sanctity and the perceived lack of transparency and interference with government-to-business contracts. Smart investment chases a business environment grounded in consistency and predictability.  The pool of would-be investors is small, and they talk to one another. Word spreads fast when business conditions deteriorate, causing a ripple effect that can impede investment for years to come.

 

  1. We stand in solidarity with the efforts to stabilize the depreciating currency which has lost more than 50% of its value against the major currencies in 2022. We want the Bank of Ghana (BoG) to maintain an open and fair line of communication with investors on the issue of repatriation of profits and the availability and management of foreign exchange for businesses to import essential inputs for manufacturing. Further, the BoG must also publicly communicate the modalities on its outright cessation of providing foreign exchange for some critical imports to avoid likely shortages.  On this point, it is worth noting that South Africa had to halt the imposition of its import tariff on poultry to avert a food crisis.  Poultry remains a cheap source of protein for many in the country.

 

  1. We intend to collaborate more closely with local trade groups on matters of mutual concern particularly on using more local content in manufacturing.

 

Signed:

Simon Madjie 

American Chamber of Commerce in Ghana (AmCham Ghana)

 

Adjoba Kyiamah

UK-Ghana Chamber of Commerce (UKGCC)

 

Armelle Sae-Jeanne

Chamber of Commerce and Industry France Ghana (CCIFG)

 

Nicolas Gebara

European Chamber of Commerce in Ghana (EUROCHAM Ghana)

 

Edwina Atta-Sonno

Canada Ghana Chamber of Commerce (CANCHAM Ghana)

Video: GRA Will Be Aggressive So You Must Be Prepared – Abeku Gyan-Quansah

PwC Ghana Tax Partner Abeku Gyan-Quansah during his presentation at the just-ended AmCham Ghana 2023 Ghana Economic Outlook Forum advised businesses to be compliant and prepared as the GRA will be aggressive with its revenue mobilization drive.

AmCham Ghana Host 2023 Ghana Economic Outlook Forum

The American Chamber of Commerce, Ghana, on Tuesday, February 21, 2023, hosted the 2023 Economic Outlook Forum on the theme, Navigating Through Uncertain Economic Conditions – A Pragmatic Approach.

Ghana’s economy is at a turning point, and the focus of the 2023 Economic Outlook forum was to provide members with insight on how to protect their businesses and work through the various stringent revenue mobilization strategies being adopted by the government of Ghana and as well provide an overview of the general economic outlook for 2023.

Speakers for this year’s forum were Abeku Gyan-Quansah, a Tax Partner at PwC, and Prof. Eric Osei-Assibey, Associate Professor and Dean of the International Programmes Office at the University of Ghana. Their presentations covered practical approaches to avoiding and mitigating the impact of GRA’s current revenue mobilization agenda, the operationalization of the new tax regime, understanding the implications of the impending IMF program, the complexities of the government’s Domestic Debt Exchange Programs, projected micro and macroeconomics conditions and their impact on the businesses environment and the monetary policy direction of the country.

Abeku Gyan-Quansah advised businesses to be compliant and prepared as the GRA will be aggressive with its revenue mobilization drive. He asked businesses to be VAT ready and check allied rates, especially with purchases, and encouraged them to consult broadly on these issues. “The government is planning to raise about 122 billion. What does this mean? So, as a company, you pay your income tax and withhold taxes from your employees. When you pay people, you withhold taxes, so if you fail to withhold taxes then it means that if the government’s projections were done correctly, then we may now miss out on the 112 on the account that you did not withhold and the person who should remit the amount to the government of Ghana also failed to do that.”

“As we run our businesses, we are required of certain compliance measures, and if we don’t then we all run a risk of not raising the 112, and the government during their mid-year review may want to introduce additional measures to close up the gaps,” he added.

Mr. Gyan-Quansah also indicated that companies should expect an increased tax base and cost of production due to the increase in VAT, excise duty, deemed vehicle benefit, and benchmark discount policy.

Prof. Eric Osei-Assibey also indicated the assertion that inflammation peaked in Q1 might not be definite. He acknowledged that there had been a marginal decline in inflation in January, which could suggest that inflation has peaked to a certain extent.

However, he pointed out that new taxes and increased utility tariffs, which are yet to be implemented, have the potential to further increase inflation.

The  Professor also indicated that the bailout program is expected to significantly impact the country’s economy, particularly concerning the Central Bank’s ability to build up reserves, which would provide the necessary support to strengthen the local currency.

The Q&A session moderated by AmCham Ghana Executive Secretary, Simon Madjie, allowed participants and speakers to delve into the issues of currency depreciation and inflation and what companies can do to mitigate their impacts.

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KEK Insurance Brokers Pay Courtesy Call On AmCham Ghana

Representatives from AmCham Ghana member company KEK Insurance Brokers paid a courtesy call to the Chamber on February 8, 2023, to engage with the Manager for Membership, External Relations, and Project, Jane Okyere-Aduachie.

The visit is in line with the Chamber’s commitment to continually engage member companies to identify the various challenges they face doing business in the country to inform our advocacy efforts.

KEK Insurance Brokers is a multinational insurance broking firm with subsidiaries in Ghana, Sierra Leone, and Liberia. KEK partners with the leading global insurance broking firms to provide enhanced broking services to both local and multinational firms in all sectors of the economy.

They provide life and non-life insurance broking as well as risk management consultancy to businesses, households, and individuals.

KEK Insurance Brokers is well-placed to add value to the businesses of clients in a profitable way by providing quality, professional, excellent, and time-bound management of clients’ insurance programs.

The Chamber also agreed to partner with KEK on various events and activities to advance our mutual interests.

Sewia Mining Limited Joins AmCham Ghana

The American Chamber of Commerce, Ghana, is pleased to announce Sewia Mining Limited as a new #GoldMember of the Chamber.

Sewia Mining is a Ghana-based LLC providing precious metals and comprehensive logistics services to clients all over the world. Since 2016, they have been part of Ghana’s ingenious precious minerals industry providing minerals ranging from gold, diamonds, and other gems with an operating license from the Minerals Commission.

The company is focused on the acquisition, exploration, and sourcing of gold with the objective of providing value for its clients and stakeholders.

Sewia Mining’s vision is to become the leading contracting firm in the gold sourcing and mining industry.

 

CONTACTS

HEAD OFFICE

4 Lavender St, GW-1003-4504
GA West, Accra.

https://sewiamining.com/

P:

  • +233 (0)302 422 276
  • +233 (0)243 243 493
  • +233 (0)553 346 511
E:

  • info@sewiamining.com
  • sewiamining@gmail.com

ATC Senior Director For Public Affairs And Regulatory Pay Courtesy Call On AmCham Ghana

The Senior Director of Public Affairs and Regulatory for Africa at American Tower Corporation (ATC), Lucretia Deean Fontaine, on Tuesday, January 31, 2023, visited the Chamber to engage with Executive Secretary, Simon Madjie and Manager for Membership, External Relations and Project, Jane Okyere-Aduachie.

ATC is the largest independent owner and operator of shared wireless infrastructure in Ghana. The meeting was to discuss the company’s operations and fashion out avenues for collaboration with the Chamber to advance their interest.

According to Deean Fontaine, ATC is focused on making a positive impact, and associating with AmCham Ghana makes it easier to attain these objectives.

ATC’s Digital Communities Program provides fully equipped ICT Education Centres throughout Ghana to create digitally empowered communities where users can learn without barriers.

The Digital Communities are learning centers that use uninterrupted electrical power and internet connectivity from ATC’s tower sites to provide free ICT learning in the communities they serve.

AmCham Ghana Executive Secretary, Simon Madjie, reiterated the Chamber’s commitment to seeing businesses thrive and assured Deean Fontaine of our preparedness to advocate, partner, and collaborate with the company on any activity that advances their course.

ATC provides towers, in-building systems, power solutions, and services that speed network deployment for the wireless and broadcast communications industry.

American Tower Corporation’s global portfolio includes approximately 223,000 communications sites, including more than 43,000 properties in the United States and Canada and approximately 180,000 properties internationally.

AmCham Ghana Welcome Reception

The American Chamber of Commerce, Ghana, on Thursday, February 2, 2023, hosted members for its maiden 2023 event dubbed the AmCham Ghana Welcome Reception at the Chamber’s Secretariat in Accra, Ghana.

The event was to create a networking opportunity for members to interact and form new relations and possible business partnerships for future collaborations. The Chamber aims to host more of these events to promote the establishment of interpersonal relationships within the AmCham network.

Present were the AmCham Ghana President, Ayesha Bedwei-Ibe, executives and representatives from members, and associates of the Chamber.

The event was supported by Delta Air Lines, an AmCham Ghana platinum member.

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