AmCham Hosts The Maiden Money Series Featuring Standard Chartered Bank

The chamber hosted the maiden AmCham Money Series featuring Standard Chartered Bank Ghana, to discuss among other issues, the effects of coronavirus on the country’s economy, investing during and post COVID-19, and the $1 billion SC bank financing for companies.

The event was the first of series of webinars to be hosted by the chamber to provide critical information to help businesses mitigate the impact of the pandemic.

Speakers at the first AmCham Money Series included Jojo Bannerman, Head of Financial Markets Sales at SC Ghana Limited, Xorse Godzi, the Country Head for Commercial Banking at SC Ghana Limited, and Setor Quashigah, Head of Wealth Management at SC Ghana Limited.

Jojo Bannerman highlighted the country’s economic sectors that have been impacted by the pandemic. Though he cited the Fiscal Gap of GHS 11.4bn (2.9% of GDP) and the worsening of Fiscal Deficit from -4.7% to -6.6% (SCB Research -7.8%; IMF -6.4%), the disruptions in global supply chains and the shortfalls in petroleum receipts of GHS 5.679 bn (assume 30 $/bbl average price) as some of the negative impacts of the virus. He mentioned there were some gainers.

He said with the new trend of working from home, companies have had to acquire gadgets and data plans for employees. This has positively impacted the business of companies operating the Information & Communication sector, he said.

Other gainers include the food value-chain and retail sales, which picked in March 2020 due to panic buying that preseeded the partial lockdown.

Mr. Bannerman also said companies are adopting what is termed the new normal by shifting to telework (Work from home/ Flexi-Work schedules), education & online certification, and digital commerce and marketing (accelerate the use of digital payment solutions).

Xorse Godzi, the Country Head for Commercial Banking at SC Ghana Limited, shared the bank’s response to the pandemic in terms of relief. The Standard Chartered Bank Group made available at least USD 1 billion financing commitment at preferential rates to pharmaceuticals and medical supplies companies, healthcare providers such as hospitals and pharmacies, and non-medical companies that can support the fight against the virus.

Local clients of the bank can also access this fund, according to Xorse, over USD 10 million has been approved with additional potential opportunities of over USD 20 million.

In response to the President’s Address and Bank of Ghana interventions, the bank has reduced interest rates and offered repayment tenor extensions for relevant existing clients. They have also put a freeze on fees for relevant transactions within Retail Banking.

Standard Chartered Bank Ghana is also supporting vulnerable communities in Ghana to mitigate the impact of the pandemic.

Head of Wealth Management at SC Ghana Limited, Setor Quashigah, talked about investing during and post COVID-19. She Shared tips on growing wealth and advised investors to know their risk profile, invest for the long term, and be disciplined; stay the cause. Mrs. Quashigah also said properties and family finances must be protected through insurance.

You need a plan to invest. According to Setor, you must assess your financial position to know your net worth, be mindful of your periodic obligations, invest only the part of the Net Liquid assets you do not need in the short term, use income investing strategies to fund your recurrent expenses, build a portfolio of short, medium and long term investments, and diversify.

Mrs. Quashigah also shared some exciting Standard Chartered Bank products, learn more here https://www.sc.com/gh/invest/

ABC Nigeria And AmCham Ghana Discuss AfCFTA Implementation Post Covid-19

The American Business Council, Nigeria, in collaboration with the American Chamber of Commerce, Ghana, hosted a webinar to discuss AfCFTA Implementation Post Covid-19 with the Secretary-General of the African Continental Free Trade Area Secretariat, Wamkele Mene.

AfCFTA provides the opportunity for Africa to create the world’s largest free trade area, with the potential to unite 1.3 billion people, in a $2.5 trillion economic bloc and usher in a new era of development.

The main objectives of the AfCFTA are to create a continental market for goods and services, with free movement of people and capital, and pave the way for creating a Customs Union.

Wamkele Mene briefly described the origin of the AfCFTA, which is essentially the product of the AU’s 2012 Boosting Intra -Africa Trade Action Plan which currently is at 18%.

He conceded that tariffs alone are not enough to encourage trade within Africa; this has to be done in conjunction with re-examining the economic structure of Africa; Leveraging on regional value chains; improving infrastructure, which currently at a deficit of about 100 billion U.S dollars and producing more goods or adding value to raw material.

With regard to the operationalization of the Secretariat and the agreement, Mene explained that the July 1st start date for trading has been put on hold until the pandemic is under control. 51 Countries have signed unto the Agreement and 28 Countries have so far ratified it as State parties.

Key Aspects of the Agreement Includes;

  • Increase and encourage the production of goods/services and the establishment of regional value chains to benefit all Countries on the Continent, create jobs and lift people out of poverty
  • Harmonization of customs processes and procedures on the Continent, to create a respected rule-based system for Countries to comply
  • Implement rules of origin
  • Implement a dispute settlement mechanism

Medium-Term Objectives of the Secretariat

  • Establishment of the Secretariat and staffed with the best and brightest Africans
  • World-class implementation of the Agreement
  • Credible dispute settlement mechanism for fair, impartial, transparent, and non-partisan of disputes to enhance investor confidence.
  • Establishment of value chains in two or three areas namely; automobile or agro-processing or the labour intensive value chains on the Continent
  • Encourage young Africans and Women in business and trade
  • Industrial Development Forum
  • Establishment of Fund for Investment in Value Chain

The long term goal of the secretariat is to increase intra-African trade from the current 18% to over 50% by 2030.

Wamkele Mene cautioned against willful lack of compliance with the rules by Member Countries as one of the challenges that may impede the development of AfCFTA. He further encouraged Countries to see the implementation of the Agreement as the economic relief required to derive economic growth after the coronavirus pandemic.

AmericaTowne Holdings Joins AmCham Ghana

AmericaTowne® Holdings, Inc. a world-class global company focused on international trade and infrastructure development has joined AmCham Ghana as a Gold Member.

AmericaTowne® goal is through exporting, funding, and investment to develop innovative businesses and opportunities that help people and countries grow.

They have a team of dedicated, highly skilled, and exceptionally talented senior staff working full-time for AmericaTowne.

The company’s Senior staff includes experienced members with PhDs/Drs., a JD/law degree, CPAs and financial analysts; MBAs, and successful business owners who have worked for the World Bank, the United Nations, major USA and Chinese companies, and top Fortune 25 international industrial companies.

AmericaTowne® offers 13 innovative programs designed to help people, communities, and countries develop, grow, and prosper.

  1. US Capital Markets Equity Funding Program
  2. Stock Offerings*
  3. US Capital Markets Membership Services
  4. China Silk-Road and Infrastructure Projects
  5. Export Service Program
  6. International Trade Centers
  7. ATI Modular  & Smart Technology
  8. Export Bond Program
  9. Procurement Partnership
  10. Study Abroad Program
  11.  Ex-Im Bank Funding Program – USA, China, Hong Kong China
  12. USA EB-5 Program
  13. Business Entrepreneurial & Innovative Concepts Program (BEIC)

Learn more about AmericaTowne here.

Land Tours Ghana And Avis Rent A Car Support The Distribution Of 19,510 Face Masks

Land Tours Ghana and Avis Rent A Car are both contributing towards the distribution of 19,510 non-medical, fabric face masks to under-resourced health facilities in high-risk areas such as Nima, Madina, Ashaiman, Agloboshie, and Old Fadama.

The masks were funded in part by the USAID-supported West Africa Biodiversity and Climate Change Program (WABiCC), which has supported Global Mamas on other projects as well that improve the livelihoods of women.

The masks are currently being produced by Global Mamas and are expected to be released to selected facilities in early June.

We visited the Global Mamas facility to see how these masks are produced and will soon share the video.

Visit https://lnkd.in/es85wbk to get more details on what member companies are doing to help fight the coronavirus pandemic. AmChamMemberCOVID19Support

COVID 19: UBER Ghana’s Response

In the past few weeks, Uber has taken steps to be part of the solution in various ways:

The Uber app is currently authorized for government permitted travel and/or exempted individuals during the partial lockdown. They have implemented:

Regulatory Guidelines

Uber app is available for permitted travel only (such as grocery shopping for essential goods or medicines).

Uber has implemented a pre-request screen that requires riders to confirm that the trip is within the permitted scope.

Limitations on passengers

  • UberX  – Maximum of 1 passenger

  • UberSELECT – Maximum of 2 passengers

Riders have been advised to sit in the back seat

Sanitizer Reimbursement

It is required that drivers sanitize their vehicles after each trip with a surface sanitizer.

Uber will make a one-time reimbursement to cover the expense of buying surface sanitizers (with a minimum alcohol content of 60%).

Helping affected drivers

If diagnosed with COVID-19 or placed in individual quarantine by a public health authority, Uber will provide driver-partners with financial assistance for a period of up to 14 days. For more information visit this page.

The above mentioned are initiatives are uber’s immediate response to the pandemic’s effects, and they continue to innovate more ways to leverage our platform to support individuals and their communities during these trying times.

American Companies in Ghana Support the Government in the Fight Against COVID-19

Accra, GHANA 15 April 2020. The American Chamber of Commerce (Amcham) Ghana, is providing significant financial, technological and logistical resources to support the Government of Ghana’s fight against the novel coronavirus (COVID-19) pandemic.

“AmCham Ghana welcomes measures to combat the coronavirus, which will ensure that the virus does not spread further and protects at risk groups from COVID-19. The Chamber is poised to support the government to address logistical constraints faced by Ghana’s health sector while monitoring the impact of the pandemic across the country. We are also actively working to support frontline workers and are committed to supporting the government’s overall response to COVID-19,” Ayesha Bedwei, President of AmCham Ghana remarked.

In March 2020, the Chamber conducted the COVID-19 Business Impact Survey. The aim of the survey was to assess the impact of the outbreak and to highlight potential outcomes for businesses.

The survey which covered a wide range of industries including manufacturing, oil & gas, transportation and education, found that:

  • 50% of businesses have had their operations severely impacted by COVID-19.
  • Only 35% of businesses had plans in place to preserve business continuity and build enterprise resilience during a pandemic.
  • 85% of the businesses surveyed would experience supply chain disruption should movement continue to be restricted within the country.

In addition to the government’s efforts to minimize the economic impact of the pandemic, several U.S businesses are making significant contributions to the fight against COVID-19 across Africa and Ghana.

The Mastercard Foundation has committed approximately GHS90m to support micro, small, and medium-sized enterprises (MSMEs) and start-ups in Ghana during the economic downturn caused by COVID-19. The foundation is working with the National Board for Small Scale Industries (NBSSI) to support three million youth 70 percent being young women, over the next 10 years.

Newmont Ghana has provided US$100,000 to support the Noguchi Memorial Institute for Medical Research and the Kumasi Center for Collaborative Research in Tropical Medicine to procure COVID-19 testing kits. Newmont is supporting the Asutifi and Birim District Assemblies, and the Ahafo North Municipal Authority to support the local authorities’ efforts to fight the pandemic. Additionally, Newmont Corporation has established a US$20 million fund to help host communities, governments and employees combat COVID-19.

The Coca Cola Company and the Coca Cola Foundation have committed over US$120million to curb the spread of COVID-19. The specific allocation to Ghana is currently unknown and will be announced shortly. In addition, the company in partnership with its NGO partners, has contributed resources towards public education and has provided personal protective kits and beverages to all frontline workers.

Johnson & Johnson (J&J) has provided GHS 100,000.00 to support the Government of Ghana’s COVID-19 Fund. At a global level, J&J is mobilizing resources to develop a vaccine which could potentially be approved under emergency authorization by 2021. J&J and its partners have committed over US$1billion to co-fund COVID-19 research, development and clinical trials.

Globally, Mastercard has committed US$25 million in seed funding to the COVID-19 Therapeutics Accelerator, a global initiative in collaboration with Wellcome and the Bill & Melinda Gates Foundation to speed-up the response to the COVID-19 pandemic by identifying, assessing, developing, and scaling-up treatments.

The Visa Foundation has pledged US$ 210 million in funding to support frontline NGOs and small and micro enterprises that have been financially impacted due to the pandemic. US$ 10 million of the funding will be used to provide international emergency assistance to frontline public health charities and global food aid. US $ 200 million will be provided over a five- year period to assist small and micro-enterprises globally to support the economic advancement of women.

Microsoft has made freely available one of its Office 365 Applications-Microsoft Teams-a videoconferencing, chat and team collaboration platform to help businesses, schools and individuals with remote working and learning navigate these challenging times.

IBM is supporting remote working and distance education efforts through its online learning platform (www.digitalnationafrica.com) to provide free online training on new technologies with certification and online job search engine.

AmCham Ghana commends the government’s efforts to address the COVID-19 crisis. For updates on support from American companies in Ghana’s fight against COVID-19 visit www.amchamghana.org/covid-19-support

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For more information, contact:
Simon Madjie,
Executive Secretary, Tel: 0244146585,
American Chamber of Commerce, Email: executivesecretary@amchamghana.org

Old Mutual ,175 Years Of Doing Great Things Across Africa And The World

Old Mutual Ghana is a Life Insurance and Pension Trust Company that provides life assurance and great pension services to customers in Ghana.

The Group was established in Cape Town in 1845 as South Africa’s first mutual life insurance company, offering financial security in uncertain times.

Their purpose is to help customers thrive by enabling them to achieve their lifetime financial goals while investing their funds in ways that will create a positive future for them, their families, their communities and broader society.

In this way, Old Mutual significantly contribute to improving the lives of customers and their communities while ensuring a sustainable future for the business.

Old Mutual now employ more than 30 000 people and operate in 14 countries across two regions:

Africa (South Africa, Namibia, Botswana, Zimbabwe, Kenya, Malawi, Tanzania, Nigeria, Ghana, Uganda, Rwanda, South Sudan, and eSwatini)

Asia (China)

Old Mutual has been operating in Ghana since 2013, having acquired a majority stake in Provident Life Assurance. The company operates as Old Mutual Life Assurance Company (Ghana) Limited and Old Mutual Pensions Trust Ltd.

Their purpose is to help customers thrive by enabling them to achieve their lifetime financial goals while investing their funds in ways that will create a positive future for them, their families, their communities and broader society.

This they do with an excellently assembled leadership team who are poised to take the business to the lofty heights that Old mutual is noted for.

For the last 175 years, they have delivered value to people, their families, businesses, communities and the countries in which they operate,

These are a few things Old Mutual has done for their customers and stakeholders:

  • built their dreams and fund their ambitions with them (savings, investments)
  • secured their futures (retirement, pension funds)
  •  protected them from the inevitabilities of life and built their legacies (risk, short term insurance)
  •  taught their children (education/investments plans, responsible business education initiatives)
  • supported their passions (sponsorship initiatives)
  • uplifted their communities (corporate social investment)
  • and preserved our environment (water plant, responsible investment)

We have delivered great outcomes for our customers and the public and we will indeed celebrate our heritage with them.

After operating for such a long time, you can be rest assured that all that experience will be passed on to the Ghanaian market.

We’ve seen it all. And, if we’ve learnt anything in this time it’s this:

THE IMPORTANT THINGS TO PEOPLE (AND TO OLD MUTUAL) HAVEN’T CHANGED. ‘WHY’ WE DO THINGS IS CONSTANT. IT’S THE HOW THAT CHANGES AS THE WORLD DOES.

You can trust us to champion our customers and be their most trusted lifetime partner, passionate about helping them achieve their financial goals.

AmCham – AGA Africa Akwaaba Reception For Visiting US Attorneys General

AmCham Ghana and AGA Africa on Tuesday, March 3, hosted the visiting Attorneys General from the United States. The AGs were in the country to participate in the 2nd annual Attorney General Alliance Conference.

The delegation was made up of Letitia James of New York, Karl Racine of Washington, D.C., Denise N. George of Virgin Islands, Keith Ellison of Minnesota, Aaron Ford of Nevada, and Kwame Raoul of Illinois.

The reception allowed the visiting Attorneys to interact with business and legal professionals in the AmCham community, and establish relations to further strengthen the collaboration between Ghana and the United State, particularly the diaspora, to improve the country’s legal system.

Also present at the reception were the U.S. Ambassador to Ghana, Stephanie S. Sullivan, AmCham Ghana President, Ayesha Bedwei, Former AmCham Presidents, Phillipe Ayivor and Mona Bowd, AmCham Ghana founding member, Herbert Morrison, and other members and associates of the chamber.

Mona Boyd, CEO of Landtours Ghana, shared her experience as an African-American returnee and talked about her company’s work in providing a great experience for visiting Africans from the diaspora.  Learn More About Landtours

The AGA Africa Conference is primarily focused on tackling transcontinental crime.  Issues including human trafficking, counterfeit medicines, cybersecurity, and money laundering.

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Appolonia City Shares Its Business Portfolio With AmCham Guests

Appolonia City (Rendeavour) shared its business with guests at the AmCham Development Financing Forum. The presentation was part of the chamber’s new initiative to allow members to share their business and services with participants at AmCham events.

Ayesha Abdulrahaman, Senior Real Estate Advisor (Commercial), took participants through Rendeavour’s Ghana business and shared details on their 2,325-acre master-planned seamless live-work-play satellite city complete with residential, retail, commercial, educational, healthcare and recreational facilities city in Accra. Learn more.

U.S. – Ghana Digital Forum

AmCham Ghana, on Monday, March 2, held the U.S. – Ghana Digital Forum on the theme; Securing Ghana’s Cyberspace for Future Digital Growth.

The forum was an AmCham IT committee meeting with government agencies and other stakeholders to gain a better understanding of each other’s activities and perspectives in securing the country’s cyberspace.

Speaking at the event, Deputy Minister for Communications, Vincent Sowah Odotie (MP), shared some policies and programs that are being implemented by the government of Ghana to build a resilient and robust digital ecosystem.

He mentioned the government’s efforts in fighting cybercrime through capacity building in the judiciary, and the development of the country’s incident response capabilities with the establishment of the National Computer Emergency Response Team at the National Cyber Security Centre.

“Ghana has also ratified two international conventions namely the African Union Convention on Cybersecurity and Data Protection (Malabo Convention), and the Convention on Cybercrime (Budapest Convention), making her the 5th country to ratify to both treaties,” Hon. Odotie added.

Other speakers at the event included AmCham Ghana President, Ayesha Bedwei, and the U.S. Ambassador to Ghana, Stephanie S. Sullivan, who stressed the importance of developing new habits to deal with cyber threats.

The forum also featured a panel discussion on the Cyber Security Bill, fake news, the role of data privacy/protection in securing communication and data storage, the state of the nation’s connectivity infrastructure, and the government’s initiative to establish Ghana as a leader in ICT innovation in the sub-region by 2023.

The panel was made up of Mr. Owusu Bediako-Poku, Director of Operations at the National Cyber Security Centre, Mr. Kwaku Kyei Ofori, Deputy Director-General at the National Information Technology Agency, and Prof. Kwaku Appiah-Adu, Head of the Delivery Unit, Office of the Vice President.

The session was moderated by Franklin Asare, Country Director at Oracle / AmCham IT Committee Chairman.

Also present at the forum were executives from VISA, Uber, PwC, IBM, Emergent Technology, National Information Technology Agency, KPMG, Oracle Corporation, American Tower Corporation, National Cyber Security Centre, Office of the Vice President, the Bank of Ghana, and representatives from other AmCham member companies.

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