AmCham Development Financing Forum

The chamber, in collaboration with the United States Agency for International Development (USAID) on Thursday, February 27, 2020, held a forum to discuss financing development through the U.S. Development Finance Corporation (DFC). 

James Lykos, Primary DFC Liaison for USAID/Ghana, took participants through the institutional structure, tools, and capabilities of the DFC. He also explained the eligibility requirements of the program.  

The DFC is a $60 billion program to invest in sectors ranging from critical infrastructure, energy, technology to health care, and financing for small businesses and women entrepreneurs in Low-income (LICs) or lower-middle-income (LMICs) countries. 

“The DFC is equipped with a more than doubled investment cap of $60 billion and new financing tools such as equity financing, debt financing, political risk insurance, and technical development.

“With the $60 billion cap, the DFC would be shared among Africa, Latin America, and Asia, with each continent receiving approximately $20 billion under the initiative,” he said.

He stated that the DFC consolidated and modernized the Overseas Private Investment Corporate (OPIC) and the Development Credit Authority (DCA) of the United States Agency for International Development (USAID).

The initiative is designed to help businesses to expand into emerging markets, finance solutions to the most critical challenges facing the developing world and reinforces US foreign policy and national security interests.

Click here to download the presentation for more information on the DFC. Email James Lykos, Primary DFC Liaison for USAID/Ghana at jlykos@usaid.gov for specific questions about how the DFC can apply to your projects. 

[unitegallery DFF]

 

The Capital Group Limited | AmCham Member of the Month

The Capital Group Limited (TCGL) is a Management Consulting firm established under the Companies Act of Ghana, 1963 (Act 179) on 22nd May 1996 and commencement of business on the 24th May 1996 to provide management consulting services in Human Resource, Training and Organizational Development, Facilities Management, Financial Management, Financial Advisory Services, and Event Management services for the public and private sectors in Ghana. Originally in the form of two wholly-owned subsidiaries – Capital Consulting Limited and Capital Factors and Debt Management Services Limited – the group consolidated into one company, The Capital Group Limited by the close of 2004.

The company in line with its vision has built a multi-cultural workforce that allows it to build on the expertise of its non-executive directors and management team in the areas of Recruitment, Contract Staffing, Training, People and Project Management, and Financial Advisory Services. Over the years, our emphasis on quality coupled with our business philosophy of “The Power of Partnership” has earned us the trust of our clients.

We have developed deep relationships with clients in various sectors including Insurance, Banking, Mining, Manufacturing and Construction, Oil and Gas, Hospitality, Aviation, Telecommunication Services, and Engineering.

 

Group’s Full Range of Services

  1. Human Resource Services:
  • Recruitment
  • Contract/Temporary Staffing
  • Staff-Outsourcing
  • Consulting
  • Talent Management Solutions- Harrison Assessment
  • Staff Screening
  • HR Audit
  • Functional HR Outsourcing
  1. Training and Organizational Development:
  • Corporate Training
  • Leadership Retreat and Development
  • Change Management
  • Organizational Development
  • Customer Service Training (Representative/Consultant of the Service Quality Institute of USA).
  • Reliability Maintenance and Engineering Training
  • Effective Debt Recovery and Negotiations Skills Training
  • Corporate Image and Grooming
  • Supervisory Skills for Efficiency and Performance Training
  • Overcoming the Dysfunctions of a Team, Leadership and Management Skills Training
  1. Event Management:
  • International Workshops
  • Public Educational Seminars
  • Conferences
  • Annual People Challenge Summit (HR and IR Conference)
  • Maintenance Engineering Conference.
  1. Industrial Relations:
  • Collective Bargaining
  • Negotiation
  • Employee Relational Management
  1. E-Learning Solutions
  2. Financial Services
  • Financial Advisory Services
  • Debt Recovery
  • Receiver/Manager Function
  • Factoring

CLIENTS AND PARTNERSHIPS

  • GCB BANK LIMITED
  • FBN BANK LIMITED
  • TOTAL PETROLEUM GHANA
  • GHANA BAUXITE COMPANY LIMITED
  • CARGILL
  • GRAPHIC COMMUNICATION
  • GRAPHIC PACKAGING
  • AVIAT NETWORK
  • ITALIAN TRADE AGENCY
  • JAY KAY LTD
  • MOBILITY INT.
  • DUNLOP CONVEYOR BELTING
  • IHRMP
  • GOLDFIELDS GHANA LTD
  • NEDCO

Learn more

Mastercard Joins AmCham Ghana

The chamber is pleased to announce the world’s fastest payment processing network, Mastercard, as our new Platinum Member.

For more than 50 years, Mastercard has been using their technology and expertise to make payments safer, simpler and smarter. They know safety and security are the top priorities of their customers, cardholders, and partners, that’s why they won’t stand still in developing new and better ways to keep payments safe.

Innovation is at the heart of Mastercard’s 50-year history. They take an innovative, value-driven approach to the solutions they create and the services they offer, making transactions faster, easier, and more convenient and secure.

As technology advances, devices change and payment methods adapt, Mastercard continually innovate to ensure the safety of billions of electronic payments wherever and whenever they occur. Their goal is to build a World Beyond Cash® where every person, every payment and every device is protected.

What started as a small group of bankers is now a driving force in the payments industry and providing the technology that’s leading the way toward a World Beyond Cash. Learn more here 

About the American Chamber of Commerce (Ghana)

The American Chamber of Commerce (AmCham) Ghana is the representative arm of U.S businesses and subsidiaries voluntarily working to create an environment where businesses can thrive between Ghanaian and American communities. AmCham exists to promote commercial, economic, educational and cultural ties between the United States of America and the Republic of Ghana. The Chamber is one of the 118 affiliates of the U.S Chamber of Commerce, which is the world’s largest business association with over one million members worldwide.

www.amchamghana.org

Delta Air Lines – AmCham Ghana Business Reception

Delta Air Lines Ghana partnered with AmCham Ghana, U.S. Commercial Service, Devtraco Plus, and Fidelity Bank to host the Delta Business Reception at the Kempinski Gold Coast City hotel on Thursday, January 27, 2020.

Delta used the opportunity to introduce KLM as a new partner of the airline. Present at the event was the Country Manager for KLM, Dick van Nieuwenhuyzen.

The event’s market place theme was first of its kind, and guests were very pleased with the idea. It allowed attendees to ‘work the room’ and interact with ease.

About 100 guests showed up from different companies, including CEOs and Managers of companies like Consolidated Shipping, Energy Global, Petroleum Commission, BOST, Webster University, MODEC, McDan Shipping Company, and Intercon Security. The Board and Platinum Members of AmCham Ghana were also in attendance.

Pakwo Shum, Delta Air Lines MD, welcomed guests and handed over to Eloina Baddoo, Sales Manager, to talk about the aim of the event and acknowledge Delta’s partners. AmCham, Fidelity and Devtraco Plus were allowed to speak to guests.

The program featured a raffle which saw a lucky guest go home with a free Delta Air Lines ticket.

Music for the event was provided by the Air Force band and Ushered by the Delta Air Lines protocol team.

[unitegallery DeltaReception]

Webster University Ghana: A Global Experience

The focus of institutions of higher learning is fast shifting from simply developing the knowledge base of students to the provisions of a well-rounded student-learning experience. Webster University Ghana, the only international campus location of Webster University on the African continent, is uniquely positioned to provide this opportunity.

A thriving liberal arts school and worldwide institution, Webster University’s mission is to ensure a high-quality learning experience that transforms students for global citizenship and individual excellence. Since the doors of Webster University Ghana were opened in 2014, students from across the world have enrolled at Webster Ghana each year and have benefitted from the cultural diversity and enriching academic environment. The modern campus, which has residential accommodations – is centrally located in Ghana’s capital Accra and in the much-coveted neighborhood of East Legon.

Currently, Webster University Ghana has enrolled both undergraduate and graduate students from over 25 different countries, spanning four continents. Furthermore, Webster receives a rotation of international visiting faculty every few weeks to teach students in both the graduate and undergraduate programs.

Christa Sanders – Campus Director – Webster University Ghana

The university’s Ghana campus offers a growing number of undergraduate majors, an Africana studies minor, and on the graduate side, a Master’s of Business Administration as well as an MA in International Relations. Graduate classes are held in the evenings and weekends only, to allow working professionals to continue work while pursuing a graduate degree.

Webster University Ghana offers a practical, hands-on approach to learning with small classrooms, not exceeding 25 students per space. Students are exposed to new ways of thinking and encouraged to strengthen their critical-thinking skills through ongoing debates both inside and outside of the classroom setting. Webster Ghana alumni are also part of the larger, elite network of over 190,000 alumni worldwide.

Webster Ghana is accredited by the National Accreditation Board (NAB) of Ghana and the Higher Learning Commission (HLC) in the United States (US). All students receive a degree issued from the US and, regardless of specific degree area, follow the same curriculum worldwide.

The home campus in St Louis, Missouri, has an impressive track record of over 105 years of providing high-quality American education. Scholarships are also available for students and the Ghana campus is fortunate to have a lower tuition rate than the other international campuses where Webster has presence.

Webster University provides the opportunity for students to also study abroad during their course of study. Students may elect to study abroad for a nine-week term, semester or an entire academic year at any of Webster University’s international campuses. The current international campuses outside Ghana include Switzerland, Austria, the Netherlands, US, Thailand, China, Greece, the UK, and Uzbekistan. Webster also provides the World Traveler program which provides a free plane ticket to a campus of your choice!

Unlike most universities with only an August year start, Webster has 5 enrollment periods per year, allowing flexible start dates. Prospective students can apply at any time during the year and begin in August, October, January, March, and May. Learn More

 

US Embassy Relaunches BVAP On Pilot Basis

AmCham Ghana, the U.S. Embassy in Ghana, and PwC on Thursday, January 16, 2020, relaunched the Business Visa Appointment Program (BVAP) on a pilot basis to streamline the visa appointment process for qualified companies.

Potential BVAP companies will be nominated by the U.S. Embassy Foreign Commercial Service, Economic Section, and Foreign Agricultural Service, for approval by the Consul General.

This program is for full-time employees of qualified companies traveling for business purposes.  It does not cover accompanying family members, or for employees traveling for personal reasons.

Employees are required to complete a visa application, pay the visa fee, and use the online appointment system to book a visa interview, even if the interview date is after the date of travel. The Consular Section will not approve a BVAP request when these steps have not been taken.

An approved BVAP request does not guarantee a favorable visa adjudication. It is up to the discretion of the interviewing Consular Officer whether an applicant qualifies for a visa and whether the visa should be limited.

The Embassy believes this program will be mutually beneficial and would help companies secure favorable visa appointment dates for their workers. The program is currently being run on pilot basis with 10 companies and would be open to other qualified companies in due course.

[unitegallery BVAP20]

AmCham Ghana Holds the 2020 Economic Outlook Forum

The American Chamber of Commerce, Ghana, on Friday, January 10,  held the 2020 Economic Outlook Forum to provide members with insights on the 2020 Budget Statement of the Government of Ghana, the implications of tax and fiscal policies on businesses as well as highlight compliance with existing and emerging legal and regulatory policies.

Abeku Gyan-Quansah, Tax Partner at PwC, presented Ghana’s 2020 Economic Outlook with emphasis on the 2020 Budget Statement and its impact on business, the state of the economy, the new companies act, and the proposed tax exemption bill.

Mr. Gyan-Quansah, in his presentation, noted that the Government of Ghana expects to achieve a real GDP growth (including oil) of 6.8%, an end of period inflation of 8%, and an overall fiscal budget deficit of 4.7% in 2020. He stated that the government’s expenditure for 2020 is estimated to be GH¢84.5 billion, and its total revenue is estimated to be GH¢67.1 billion resulting in a deficit of GH¢17.4 billion.

According to him, although from experience, governments are prone to overspend in an election year, the overall fiscal deficit in 2020 is expected to remain within the 5% threshold imposed by the Fiscal Responsibility Act (2018) which requires fiscal deficit to be up to 5%.

He mentioned that of the GH¢67.1 billion revenue expected in 2020, the government intends to generate GH¢51.5 billion from taxes alone (GH¢26.6 billion from income and property tax, GH¢19.1 billion from taxes on goods and services and GH¢5.8 billion from international trade tax). He cautioned that given that Ghana’s economy is largely informal and the fact that 2020 is an election year, the government will pursue companies rather than individuals to be tax compliant in 2020.

He also stated that the government’s anticipated GH¢26.6 billion revenue from direct taxes represents a 20% increase from the revenue generated in 2019. And to achieve this growth in revenue, it is likely the government will introduce new taxes in addition to existing measures. The new measures, he said, could include:

  • increase in the tax-free band for individuals to ensure that the minimum wage for 2020 is tax-exempt;
  • increase in personal reliefs such as marriage relief, child education relief, personal educational relief, and old age relief;
  • renewal and extension of the National Fiscal Stabilization Levy (NFSL); and
  • a 5% tax on the accounting profit before tax of selected entities;
  • a requirement for taxpayers to disclose their aggressive tax planning arrangements under the relevant Base Erosion and Profit Shifting (“BEPS”) Action Point.

For indirect taxes, Mr. Gyan-Quansah noted that the government intends to introduce new policy measures in addition to existing ones to achieve its 2020 revenue target. The new policy measures include:

  • the renewal and extension of the Special Import Levy for five years;
  • strengthening the regulatory framework for taxation of the digital economy;
  • Value Added Tax (VAT) exemptions for fund management companies; and
  • the Automative Manufacturing Development Policy which offers three to ten years of tax holidays as well as VAT and Special Import Levy exemptions for businesses in the automotive industry for vehicles.

He explained further that the government will introduce tax-related administrative measures to enhance revenue mobilization. According to him, the tax administrative measures include:

  • a Revenue Administration Regulation which includes a voluntary disclosure procedure to waive penalties on voluntary disclosure by taxpayers and an Alternative Dispute Resolution to resolve tax disputes between taxpayers and tax administration;
  • reforming the Ghana Revenue Authority to make it more efficient and productive; and
  • developing a comprehensive revenue policy and strategy.

He added that Ghana now has a Tax Exemptions Bill with clear procedures for obtaining tax exemptions, but the bill is yet to be passed into law, although the government had intended to pass it in June 2018. He, therefore, called on parliament to speed up processes to pass the bill. He also noted that the Tax Exemptions Bill, if passed into law, will repeal any existing enactment related to tax exemptions except for enactments in income tax and the VAT.

Constance Ameyartey, Chartered Secretary, PwC, briefly educated members of the chamber on major changes in the new Companies Act 2019 (Act 992). She noted that, apart from companies operating in regulated industries, the new Companies Act grants companies the option to file a registered constitution upon registration with the Registrar of Companies. She added that the Companies Act 2019 (Act 992) also ensures easy identification of the actual legal form of a registered company.

She also explained that under the new Companies Act, a person appointed a director of a company must among other things consent in writing, should not be an ex-convict or found culpable for any criminal offense within the preceding five years. According to her, the new Companies Act also outlines specific qualifications and duties for secretaries that companies must comply with. Also, the new Act stipulates that auditors can be appointed by a company for six years and can be reappointed after another period of six years. She further explained the provisions under the new Companies Act on beneficial ownership, dealing with major transactions, and unclaimed dividends.

Finally, Mr. Gyan-Quansah cautioned members of the Chamber to comply with all tax regulations in the country with particular emphasis on payments and revisions of annual returns with Ghana Immigration Service; PAYE reconciliation and payment of Quarter 1 taxes; statement of estimated tax payable and payment of Quater1 taxes; income tax returns and transfer policy return; employer’s annual tax deduction schedules and individual income tax return for employees; and annual returns at the Registrar General’s Department.

After the presentation, members of the Chamber asked questions on the stability of the Ghanaian currency, revision of tax laws to help support local companies, protection of minority shareholders, and the role of directors under the new Companies Act.

 

[unitegallery 2020EOF]

Amcham Ghana Creates Platform for Dialogue Between University of Buffalo, Ghanaian Teachers and Chamber Members

As part of the Chamber’s mandate to promote educational and cultural ties between the United States and the Republic Ghana, the American Chamber of Commerce, Ghana, on Monday, 13th January 2020 hosted students and faculty from the University of Buffalo (UB) School of Management, New York, as part of the University’s Social Innovation and Entrepreneurial Leadership Program.

The meeting provided a platform for engagement between the UB School of Management, members of the Chamber, and teachers from two Senior High Schools in Ghana (Accra Academy; and Presbyterian Senior High School, Osu) to exchange knowledge on educational opportunities, and entrepreneurship and the business environment in Ghana.

Ayesha Bedwai, President of AmCham Ghana, in her opening remarks, highlighted the changes in Ghana’s entrepreneurial landscape, and the growth in the agricultural, information communication technology and the creative arts industries.

Dorothy Siaw-Asamoah, Faculty Director, Global Programs at the UB School of Management, gave a brief overview of the activities of the UB School of Management in Ghana, including medical outreaches in different parts of the country and trips to Senior High Schools and tourist sites. Students from the UB School of Management also gave a presentation on the school which covered alumni engagement, global experiences, core curriculum, collaborative degrees, action learning, global community, business trips, career preparation, mentorship, and funding for students.

Questions raised after the presentation were on enrollment in the UB Schools of Management, the number of international students in the school, funding for students, opportunities in UB for Senior High School students in Ghana, career development challenges of students in Ghana, and the quality of mentorship for students.

Ayesha Bedwai, in closing the meeting, commended the UB School of Management for the multi-dimensional nature of their activities and stressed the importance of student engagement and career advisory services.

[unitegallery UBM20]

AmCham Ghana Joins Alliance For Integrity For The Business Integrity Forum

The American Chamber of Commerce in Ghana joined Alliance for Integrity for their Business Integrity Forum on Tuesday, December 10, 2019, in Accra. The event was to mark the International Anti-Corruption Week and discuss the fight against corruption in light of the African Continental Free Trade Agreement (AfCFTA).

Executive Secretary of the Chamber, Simon Madjie joined N. Adjoba Kyimah, Executive Director at UKGCC, Stephen Antwi, President of the Ghanaian – German Economic Association, Soloman Tettey-Akpeng, Governing Board Member at the Global Compact Network Ghana, Beauty Narteh, Executive Director at Ghana Anti Corruption Coalition, and Ingrida Kerusauskaite, Project Director at Palladium/MoDAC, for a panel discussion on the role of the private sector in the fight against corruption in light of the AfCFTA.

Simon Madjie spoke on the anti-corruption principles in the United States-Mexico-Canada Agreement (USMCA) and suggestions for AfCFTA. He shared some key measures being adopted by the USMCA to address the issue of corruption. Some of these measures include Legislative Measures which will require the signatories to adopt or maintain legislative or other measures to criminalize bribery of a public official;  bribery of a foreign public official; soliciting or acceptance of a bribe as a public official; embezzlement, misappropriation, or another diversion by a public official of property entrusted to the public official; and aiding or abetting of or conspiracy in the bribery-related offenses listed above.

The USMCA also contains Administrative Measures that will require the signatories to adopt or maintain measures that provide for sound accounting and auditing standards for enterprises that prohibit recording “off-the-books” accounts, non-existent expenditures, and similar transactions. It also provides for the protections for whistleblowers, the disallowance of tax-deductibility of bribes, adequate procedures for selection and training of individuals for public positions considered especially vulnerable to corruption, requirements that senior public officials declare outside activities, employment, investments, assets, and substantial gifts or benefits, procedures for removing public officials accused of corruption-related offenses, and measures to strengthen integrity and to prevent opportunities for corruption among members of the judiciary.

Mr. Madjie suggested that adopting some of these anti-corruption measures which also include Promotional Measures committing signatories to take steps to raise awareness among public officials of relevant bribery laws and recognize the harmful effects of facilitation payments – and incorporating them into the AfCFTA will go along to see to the corruption-free implementation of the agreement.

He also added that Chapter 27 of the USMCA stands out from past international anti-corruption agreements in terms of enforceability. Specifically, Chapter 27 explicitly permits the parties to initiate claims through the USMCA’s dispute settlement mechanism to challenge measures alleged to be inconsistent with the Chapter’s requirements. Like other disputes arising under the USMCA, anti-corruption related disputes may be resolved through consultation, conciliation, mediation, or even the establishment of panels as a neutral adjudicator of disputes. Accordingly, in theory at least, one USMCA party may someday be able to bring another USMCA party before an international panel to hold it to account for failure to live up to its anti-corruption obligations.

The current version of the AfCFTA addresses concerns about corruption in trade only obliquely and insufficiently. The current version of the treaty does include a section on transparency (Part IV), which mandates that “each state party shall promptly publish or make publicly available through accessible mediums its laws, regulations, procedures and administrative rulings of general application.” However, there is no mention of how to ensure that making laws publicly available is matched with fairness and integrity in how these laws are enforced. Another section of the treaty mandates that State Parties “shall take appropriate measures” to promulgate and sustain “enhanced efficiency of customs procedures, trade facilitation, and transit,” but does not specifically reference curtailing customs corruption as one of those measures that would be “appropriate.” And although the agreement’s Protocol on Trade in Goods specifically mentions that “nothing in this Protocol shall be construed as preventing the adoption or enforcement of measures by any State Party that is necessary to protect public morals or to maintain public order,” there is no clear guideline on ensuring fair and honest enforcement.

In conclusion, Mr. Madjie suggested it is crucial for the AU to take a second look at the AfCFTA and to start developing ways to update the document by incorporating anti-corruption measures into the agreement.