AmCham x CanCham Cocktail Reception

The American Chamber of Commerce, Ghana, in collaboration with the Canada Ghana Chamber of Commerce, on  Thursday, April 20, 2023, hosted a cocktail reception for members of both Chambers at the AmCham Ghana Secretariat in Accra.

The event, supported by AmCham Ghana Platinum Member United Airlines, was to afford members an opportunity to interact, establish valuable connections, exchange ideas, and explore potential business partnerships.

The Chamber also presented Membership Certificates to companies that recently joined our association of progressive businesses. These companies include  Agility, Flutterwave, ePac Flexible Packaging, Carloking Services, Entravision, FEROCITER, Ghana Real Estate Professionals Association -GREPA, Gyandoh Asmah and Co, SEWIA MINING LIMITED, Sustineri Attorneys PRUC – Corporate Lawyers & Consultants, TEMPLARS, Vitamilk Ghana, and Yellow Card App.

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AmCham Ghana And U.S. Embassy Engage Stakeholders On AI Opportunities For Innovation

The American Chamber of Commerce, Ghana, and the U.S. Embassy in Ghana on Tuesday, April 4, 2023, jointly hosted the AI Forum on “Leveraging Artificial Intelligence for Innovation” at the Google AI Research Center in Accra.

The event focused on developments in industry, research, and policy related to artificial intelligence.

More than 40 local and international ICT companies, including AmCham Ghana member companies, startups, incubators, academic experts, industry representatives from agriculture, food processing, and manufacturing, as well as graduate students in computer science, NGOs, and civil society representatives, attended the event.

Officials from the Office of the President of Ghana and the National Data Commission were also in attendance.

“U.S. companies and organizations, like those represented here today, are at the forefront of this technology. The responsible use of these technologies has the potential to transform our economy and drive Ghana’s digital transformation,” said U.S. Ambassador Palmer.

The Ambassador highlighted AI tools being deployed around the world to enhance capacities and improve efficiencies in nearly all industry and social sectors, from health to transportation to agriculture and food security.

The United States Government is working to build partnerships connected by shared values and a shared commitment to the responsible use of AI.

Dr. Jason Hickey, Head of Google’s AI Research Center, highlighted Google’s research activities, many of which involve local researchers who are developing AI solutions for use within Ghana and the wider African continent.

Ludwika Alvarez, Digital Team Leader for AI at the U.S. Department of Commerce, provided an overview of fast-moving investment and expansion efforts in the AI industry in the United States.

Fatima Tajambang of the U.S. company Nvidia explained how the company is providing Ghanaian ICT communities with mentoring and computing resources so that aspiring local developers can build and scale their AI expertise, nurture emerging technologies and drive innovation.

Dr. Daphne Stavroula Zois from the University of Albany (New York) detailed her research on AI applications for use in Ghana’s agricultural sector.

Darlington Akogo from KaroAgroAI, which is partially funded by several American foundations, spoke about his active work using AI to diagnose plant diseases and provide solutions for Ghana’s farmers.

Dr. Peter Maher from Webster University in St. Louis, Missouri, highlighted how U.S. education is responding to the AI sector’s fast growth, including developing specialized curricula to train the researchers and workers who will work with the technology in a wide range of disciplines.

For more information on the United States National Artificial Intelligence Strategy, see www.ai.gov.

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Statement By The American Chamber Of Commerce On The Visit Of Vice President Kamala Harris

The Republic of Ghana and the United States of America continue to maintain their long-standing close relations anchored on their mutual commitment to freedom and democratic values. Ghana has in the past hosted several American dignitaries, including Former President Bill Clinton, Former President George W. Bush, Former President Barack Obama, Former House Speaker Nancy Pelosi, Former First Lady Melania Trump, and other Senior Members of past and present U.S. Administrations.

The visit of the Vice President of the United States of America, Kamala D. Harris, is of unique significance because she is the first female vice president of the United States and the first woman of Indian and African heritage to hold that office. Her visit to Ghana and other parts of Africa is an inspiration for the next generation, especially for women leaders working on the continent.

Ghana and the United States have a long history of promoting democracy, human rights, and the rule of law. As the country’s largest bilateral development partner, the United States has always maintained a keen interest in the economic development of Ghana. Bilateral trade between Ghana and the United States is reported to be $1.6 billion as of 2021. Ghana continues to enjoy substantial foreign direct investment from the United States as U.S. FDI into Ghana is estimated to be over 22 billion dollars over the last decade. These companies, through their operations in the country, make significant contributions to the country’s socioeconomic development. Apart from being large tax-paying entities, they continue to employ and develop the skills of thousands of Ghanaians. Also, through various initiatives and Corporate Social Responsibility activities, they have invested millions of dollars in improving the livelihood of host communities and other parts of the country. These companies played pivotal roles in Ghana’s fight against the deadly COVID-19 virus and continue to invest in people and institutions to mitigate the impact of the virus and support the country’s recovery process.

The American Chamber of Commerce, Ghana, is of the firm opinion that the visit of Vice President Kamala D. Harris presents an immense opportunity for both countries to further strengthen their relations, especially in the areas of trade and investment. Ghana should take advantage of this golden opportunity and the moment when the focus of the U.S. would be on our country to drive home the need for more U.S. foreign direct investment, increase diaspora engagement, and strengthen cooperation in the creative, educational, health, security, and cultural sectors.

The government of Ghana must continuously institute the needed reforms that will allow the private sector to lead the economic recovery and position Ghana as the preferred destination for investors. These reforms are critical to reassure investors of the country’s commitment to a private sector-led economy and the growth of free enterprise. Government must also properly align its engagement with the four key pillars of the U.S. strategy towards Sub-Saharan Africa. Namely; to foster open societies; deliver democratic and security dividends; advance pandemic recovery and economic recovery; and support conservation, climate adaptation, and a just energy transition.

On behalf of all U.S. companies, subsidiaries, franchisees, and businesses in Ghana, we say Akwaaba (Welcome) to Vice President Kamala Harris and her entourage to the country, and we look forward to a productive and fruitful engagement with the Government of Ghana.

 

A statement issued by:

 

 

 

 

 

 

 

 

Simon Madjie

Executive Secretary

American Chamber of Commerce in Ghana

 

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Video: 2023 Ghana Economic Outlook | Expect Increase In Production Cost – Abeku Gyan-Quansah

One of the speakers at our recent forum on Ghana’s 2023 Economic Outlook, Abeku Gyan-Quansah, noted that companies should expect an increase in the cost of production in some aspects of their operations.

He cited the Income Tax Amendment Bill, increase in deemed benefits value, and increase in import tariffs as some of the drivers of the expected increase in the cost of production.

AmCham Ghana x CCIFG Networking Cocktail

On Thursday, March 9,  the American Chamber of Commerce, Ghana, and the French Chamber of Commerce and Industry in Ghana hosted their first collaborative networking cocktail at the Alisa Hotel in Accra.

This event was to provide a broader audience for all participating members to forge positive connections with other business professionals and potential clients from the two Chambers.

Members were invited to network and discuss ideas after brief remarks from AmCham Ghana Executive Secretary  Simon Madjie and Armelle Sae-Jeanne, Managing Director of the French Chamber of Commerce in Ghana.

Till the evening’s end, guests savored the delicious finger foods from Alisa Hotel. The Chamber expresses its gratitude to all who participated, and we hope to host you again for our upcoming events.

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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.

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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