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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AmCham Ghana Backs AGI’s Call To End Discrimination In Water Tariffs

The American Chamber of Commerce, Ghana, backs AGI’s call on the Public Utilities Regulatory Commission (PURC) to end discrimination in water tariffs. We are of the opinion that the recent upward tariff adjustments and the reclassification of Bottled Water and Beverage producers to the Commercial (Special Commercial) category are unfair and place an undue burden on companies.

The Chamber appreciates the country’s current economic situation and the need for utility companies to adjust prices to reflect the changes in the cost of production and inflation. Still, some of these decisions reaffirm the perceived discrimination in the allocation of water tariffs.

Recatorizing Bottled Water and Beverage producers with a 172% tariff increment (GHc 30.00/1000L) is astronomical and unfair. This increment, coupled with increasing inflation, currency fluctuations, the new 21.9% VAT rate, and the proposed increments in Excise Duty rates, is disincentivizing and puts companies in a precarious situation.

Industry is also currently baring the shocks and challenges posed by prevailing local and global issues, and we deem it unfair the seeming shifting of economic burdens to companies already making tremendous efforts to keep their operation running to sustain the economy.

Maintaining employment is vital to the country’s economic recovery efforts. But current trends negatively impact the profitability of companies and could lead to massive job cuts if pragmatic steps are not taken to address the constant increase in the cost of doing business.

We will call on the PURC to review its decision to place bottled water and drink producers in a new category that attracts higher tariffs. We are of the persuasion that maintaining the sector in the Industry category as it has always been will ensure equity and helps dismiss perceived discrimination.

The Chamber also backs earlier calls from the AGI to the PURC to make public the actual cost of service for each consumer category for transparency and fairness.

As an organization representing companies with operations in the Bottled Water and Beverage Industry, the Chamber is convinced that it is prudent to revise this reclassification and also ask the PURC to conform to its advertised rates as the new February tariff increase of 48% for industry is higher than their earlier announced average increment of 8%.

Our member companies are high-revenue customers of the Ghana Water Company, and addressing these issues will ensure constant revenue for the utility company.

The Chamber calls for further dialogues between the PURC and our member companies to resolve these issues in the interest of all stakeholders to protect businesses, ensure jobs and help maintain a favorable business environment to boost investment.

Signed,
Simon Madjie
Executive Secretary

AmCham Ghana Statement On Excise Duty (Amendment) Bill 2022 Before Parliament

The American Chamber of Commerce, Ghana, has always appreciated the government’s efforts to raise more revenue domestically. But as I have indicated in my new year statement, it is imperative that the government consider the impact these proposed measures will have on the cost of production, distribution, and sale of products. Some of the rate increments in the Excise Duty (Amendment) Act 2022 will hurt businesses.

For instance, the proposed 20% rate on mineral water from the previous 17.5% will lead to an increase in the cost of production, which the companies will ultimately pass on to the consumer, which could lead to a decline in sales.

Also, the proposed imposition of excise duty (20 per centum of the ex-factory price)- ‘sugar tax’ on sweetened beverages in addition to the already existing 17.5% (to be increased to 20% per the amendment) on non-alcoholic beverages will inversely impact the business of companies operating in that sector. This will lead to an astronomical increase in the cost of production, especially for companies producing both mineral water and sweetened beverages.

These increments, coupled with the country’s current economic situation, will overburden companies leading to some businesses having to make the difficult decision of laying off some workers.

We accept that the government must increase revenue and improve the health of the citizenry, but it is also in the interest of the government to protect jobs as well.

The Chamber is making this humble call before Parliament resumes sitting to allow for broader consultation with industry and other stakeholders to resolve pertinent issues before the bill is passed.

I will plead with the Parliament of Ghana and the Ministry of Finance, for a downward revision of these excise duty rates to boost investor interest, protect jobs, and ensure constant and steady revenue flows to the government.

AmCham Ghana members have significant investments and provide thousands of jobs across several sectors, and the Chamber is ready to engage authorities to find a middle ground on these issues to ensure Ghana remains a favorite destination for investors.

Statement On The Inauguration Of The Independent Tax Appeals Board

The American Chamber of Commerce, Ghana, commends the government of Ghana on inaugurating the Independent Tax Appeals Board (ITAB). We believe this is a notable milestone in creating a business-friendly environment and will go a long way to significantly improve the country’s ease of doing business.

The Independent Tax Appeals Board established by the Revenue Administration (Amendment) Act, 2020, Act 1029 shall hear and determine appeals against the ‘tax decisions’ of the Commissioner-General of the Ghana Revenue Authority (GRA) concerning objections to tax decisions and assessments.

This Alternative Dispute Resolution (ADR) measure will ensure speedy and cost-effective interventions to tax-related disputes. I will encourage members to consider the ITAB a first point of approach in dealing with tax disputes.

An appeal against the decision of the Commissioner-General must be filed with the Executive Secretary of the Appeals Board within thirty (30) days of the decision, and I would recommend that members who seek further clarification and assistance contact reputable tax advisory firms within the AmCham network, namely PwCKPMG, and Morrison and Associates.

I will reiterate AmCham Ghana’s commitment to seeing businesses thrive, and we remain resolute in ensuring an investor-friendly environment to ensure success.

Please, Click Here to read more on the Act establishing the Independent Tax Appeals Board.

Season’s Greetings From The Executive Secretary

It is that time of the year again, and the American Chamber of Commerce is grateful for all the blessings, support, and contributions of all members and associates to what we are proud to call a successful year despite all the challenges and uncertainties.

2022 might not go down as we envisaged at the beginning when things seem to be reverting to normalcy. But when factors beyond our control truncated optimistic projections for the medium term, we remained steadfast, kept our heads down, and sailed through the turbulent waters. Now that we are here, as a Chamber, we are proud of all your achievements and believe the coming years will improve.

Despite the challenges, AmCham Ghana has been able to host several events to present investment opportunities, advocate for an improved business environment and further strengthen the economic ties between Ghana and the United States.

Notable among these events was the 2022 U.S. – Ghana Business Forum which was attended by high-level U.S. and Ghanaian government officials, executives from our parent organization, the U.S. Chamber of Commerce, top corporate executive, institutional head, and other important stakeholders, to chart a new course in building a sustainable and mutually beneficial trade relations between our two countries.

We also hosted a visiting U.S. Congressional Delegation, the U.S. Ambassador to Ghana, Virginia E. Palmer, and Executives of AmCham Ghana member companies to discuss issues of sustainability and environmental protection in the extractive industry. The Chamber also hosted trade delegations from the U.S. state of Minnesota and the city of Memphis.

AmCham Ghana collaborated with member companies and associates, such as Johnson & Johnson, Delta Air Lines, PwC Ghana, VX Technologies, Webster University Ghana Campus, U.S. Embassy in Ghana, GARIA, and the Ghana Investment Promotion Centre, to undertake several engagements aimed at bridging the funding gap to sustain optimal treatment in mental health, create breast cancer awareness, provide insight into what global CEOs make of the business year, introduce blockchain technology, celebrate black excellence, share valuable insight on investing in the United States through the SelectUSA Program, discuss the new Office of the Registrar of Companies, and embark on a diaspora roadshow to make an investment case for Ghana in the United States.

The Chamber also successfully established the AfCFTA Resource Centre to serve as an information hub for U.S. businesses and provide a conducive environment for networking and partnership with Ghanaian enterprises to take advantage of the trade agreement. The Center signed an MoU with Emory University’s Emory Development Initiative (EDI) to offer virtual and in-person certificated corporate executive training programs granted under Emory University and the EDI on the African Continental Free Trade Agreement.

To help build a profitable franchise ecosystem in Ghana, the Chamber, supported by the  U.S. Commercial Service in Ghana, established the AmCham Ghana Franchise Committee to promote successful franchises and advocate for laws and policies to improve the ease of doing business for franchisees. This success led to the Chamber hosting the first franchise training event on How to Launch a Successful International Franchise Business.

For AmCham to better understand the various issues affecting the businesses of our member companies, we conducted surveys to solicit their views to inform our advocacy in mitigating the impact of these challenges. The surveys included the State of the Economy: Impact on Businesses Survey and the African Continental Free Trade Area Survey 2022.

In collaboration with PwC Ghana, the Chamber successfully conducted the second AmCham Ghana Economic Impact Survey to determine the overall contribution of American companies in Ghana and the direct impact on socio-economic development in the country and encourage collaboration and synergies among key stakeholders from data gathered. This survey is being replicated across the West African sub-region to measure the impact of AmCham member companies in the region.

We will use findings from these surveys to guide us in engaging authorities at different levels to make a case for an improved and sustainable business climate.

We also bid farewell to three Board Members, Vish Ashiagbor, Randi Cruz, and Gbile Adewunmi, and one Ex-Officio Member, Philippe Ayivor. The Chamber is most grateful for their selfless dedication and service. As the four took leave, we welcomed two new members, Ashok Mohinani and Kimathi Kuenyehia, to our Board of Directors.

Kindly take a few minutes to read the Chamber’s Report for a full breakdown of AmCham Ghana’s activities.

The Chamber will like to use the opportunity to extend our sincere gratitude to all member companies that supported and sponsored various Chamber events and activities. We thank all participants, speakers, and stakeholders for their valuable contributions and insights. We are most grateful and look forwards to more collaborations.

As the year ends, the American Chamber of Commerce, Ghana, wishes all members and associates and their families a season of joy.

It’s the most delightful time of the year, and you are the most wonderful partner. We wish you the happiest of holidays.

 

New Year Projections

  • I expect Ghana to get a deal from the International Monetary Fund (IMF) following the conditional Staff-Level Agreement on a $3 billion, three years Extended Credit Facility. 

 

  • The government’s proposed ‘haircut’ on foreign bonds and the suspension of interest rate payments to domestic bondholders will inversely impact the economy.

 

  • Given the government’s quest for domestic revenue mobilization and the projected total revenue and grants of GH¢143,956 million, I believe the Ghana Revenue Authority will act in an aggressive and predaceous manner to support the government’s initiatives.

 

  • We have noted the seeming stability of the Ghana Cedi against other trading currencies. While we wish the trend continues, we remain cautious and will advise members to prepare for the shocks of currency fluctuations in the coming year.

 

  • We project that the coming year will be full of challenges but remain optimistic and believe that these challenges will present new opportunities.

 

 

AmCham Ghana Holds 19th Annual General Meeting Of Members

The American Chamber of Commerce, Ghana, on Thursday, December 8, 2022, held the 19th Annual General Meeting of Members at the Chamber’s secretariat in Accra.

Our President, Ayesha Bedwei Ibe, briefed members on the various AmCham Ghana activities, highlighting the Chamber’s significant efforts at advocating for an improved business and the AmCham Ghana community’s contributions to mitigating the impact of the deadly COVID-19 virus.

The President’s Report also noted the establishment of the AmCham Ghana AfCFTA Resource Centre to serve as an information hub for U.S. businesses and provide a conducive environment for networking and partnership with Ghanaian businesses to take advantage of the trade agreement.

Mrs. Ibe also reiterated the Chamber’s commitment to further strengthening the economic relations between Ghana and the United States, citing the establishment of the AmCham Ghana Franchise Committee, aimed at helping build a profitable franchise ecosystem in Ghana by promoting successful franchises and advocating for laws and policies that will improve the ease of doing business for franchisees.

The Chamber also presented the  Economic Impact Survey Report undertaken by AmCham in collaboration with PwC. The survey, among other things, was to determine the overall contribution of American Companies to the socio-economic development and also find out how AmCham can support its members in doing business in Ghana and the West Africa sub-region.

The 19th AGM also saw three Board Members, Vish Ashiagbor, Randi Cruz, Gbile Adewunmi, and one Ex-Officio Member, Philippe Ayivor, retiring from the Chamber’s Board of Directors. AmCham Ghana appointed new members, Ashok Mohinani and Kimathi Kuenyehia, to its Board of Directors.

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AmCham Ghana Appoints New Members To Its Board Of Directors

The American Chamber of Commerce, Ghana, appointed two new members to its Board of Directors at the 19th Annual General Meeting of Members held on Thursday, December 8, 2022, at the Chamber’s secretariat in Accra.

The new Board Members are Ashok Mohinani, Executive Director of the Mohinani Group, MASCO Foods (KFC Ghana), and Kimathi Kuenyehia, Managing Partner at Kimathi & Partners – CORPORATE ATTORNEYS.

Ashok Ramchand Mohinani is the Executive Director of Mohinani Group, a third-generation family business with over 50 years of experience in multi-sector operations in various industries across the African continent. Ashok Mohinani oversees the operations of all the Ghanaian business units and subsidiaries from the headquarters in Accra.

He joined Mohinani Group in 1984 as Head of Sales for Poly Products & Poly Sacks, Ghana. He then eventually became the Deputy Managing Director of the Poly Group in 1987. From there, he took on the role of Managing Director of Somotex, Nigeria, in 1991. He returned to Ghana in 1998 to assume the position of Executive Director of the Group.

Mr. Mohinani is a Member of the Board of Trustees, Postgraduate Endowment Fund, College of Health Sciences of the University of Ghana. He is also a member of the Economic Affairs Committee of the Association of Ghana Industries. He is a past President of the Indian Association of Ghana and has also served on the board of Ghana International School.

He is also a founding member and past president of the Accra chapter of the Young Presidents Organization (YPO) and a fellow of the African Leadership Initiative West Africa (ALIWA). Mr. Mohinani is the Honorary Consul of Uruguay in Ghana and recently obtained an Executive Diploma on International Diplomatic Law for Honorary Consuls from the United Nations Institute for Training and Research (UNITAR).

Among the several awards Ashok Mohinani has won are the 2015 Industrialist of the Year by the Made in Ghana Awards, the 2016 Excellence in Business Awards by the Entrepreneur Foundation of Ghana, and the 2019 CEO of the Decade Award by the Ghana Business Awards. He was also given a Special Recognition Award —Sanitation Leadership Award in 2019. In 2020, Ashok Mohinani was adjudged Settler of the Year by the EMY Africa Awards and Outstanding Industrialist of the Decade by the Ghana Entrepreneur & Corporate Executive Awards.

 

Kimathi Kuenyehia is an award-winning Harvard-educated transactional lawyer who is ranked by Legal 500 as one of the top 5 leading lawyers in Ghana. He is the Managing Partner of Kimathi & Partners, corporate attorneys; one of the top three leading law firms in Ghana.

Mr. Kuenyehia provides high-end legal services to foreign governments, global multinationals, and Fortune 500 companies with respect to their most challenging legal issues, most significant business transactions, and most critical disputes. He is the first and only African to win the prestigious International Bar Association Outstanding Young Lawyer of the Year for his “professional excellence, innovative approach to legal practice, community service, and reputation for the advancement of legal ethics.”

He is also recognized by IFLR 1000 as “outstanding on all matters.” Described as a lawyer ‘who thinks outside the box.’ Mr. Kuenyehia is the co-author of Mining, Electricity and Oil Regulation in Ghana, published by Getting the Deal Through; and he is writing a book on Corporate Law and Practice in Ghana.

 

About AmCham Ghana

The American Chamber of Commerce, Ghana, is the representative arm of U.S. businesses and subsidiaries voluntarily working to create an environment where business can thrive between Ghanaian and American communities.

The Chamber remains a leading organization at the forefront of advocating for an improved business environment to boost investor confidence and continues to work closely with other institutions to maintain and further strengthen the economic relations between Ghana and the United States.

 

Remarks By U.S. Commercial Counselor Dean Matlack At The 2022 AmCham Ghana Thanksgiving

AmCham President Ayesha Bedwei Ibe;

Distinguished Guests; Friends, Ladies, and Gentlemen; All protocols observed:

Good evening, everyone! I’m very pleased to be here this evening to celebrate Thanksgiving — and to celebrate with all of you.

As you know, Thanksgiving is a cherished family holiday among Americans. I’d say it is a holiday that is particularly loved by diplomats and expatriates who are located far away from their family of birth, but who forge a new family in their host country with friends such as you.

In fact, it was one year ago at this very event that I met many of you for the first time. It was my first official event in Ghana and the first in two and a half years following the outbreak of the pandemic. And while we are still living with the threat of COVID, I am thankful that we seem to have finally moved on.

The tradition of Thanksgiving is not lost on us – it came out of a time of scarcity and struggle in American history.  It affords us an opportunity to take a pause and reflect. As we look back on the events of the last year, there is indeed much to reflect on.

We continued our tremendous government, corporate, and personal efforts to address the pandemic. We also pivoted to address a new range of problems.

We experienced many ripple effects from Russia’s unprovoked war in Ukraine – from food security to inflation. We saw the real-time destructive effects of climate change in many countries this year.

Government policymakers, companies, and individuals here in Ghana are also grappling with significant economic challenges. But Thanksgiving is also an opportunity…to be thankful. For example, we are thankful that Ghana and the United States this year, made the World Cup!

I hope this year’s tournament can unite the world in the spirit of competition and solidarity as we work to address the common challenges we face in the world.

Here at home, we are also thankful for the tremendous work the business community is doing in Ghana despite the economic headwinds. The awards tonight celebrate much of this work. As exemplary corporate citizens, you donated and delivered critical medical supplies during the pandemic.

You promote sustainability and renewable energy in your own operations and lead on the transition to clean energy.  You build schools and sponsor STEM training for Ghana’s youth, to name a few initiatives.

In doing so, you create pathways for self-reliance in communities across Ghana, improving their quality of life and their prospects for the future.

The AmCham remains a leader and partner with the Embassy and the Government of Ghana.  We want to deepen our work with you to both improve the business environment and help Ghana address its structural challenges.

You are not just investors in Ghana, you are invested in Ghana’s future success. And that is why we must ask more of you – your efforts are essential for Ghana’s resilience and its economic recovery.

In a few weeks, the United States will welcome the President of Ghana and other African Heads of State to the U.S. – Africa Leaders Summit in Washington. The Summit will demonstrate the United States’ enduring commitment to Africa.

It will underscore the importance of U.S.-Africa relations and increased cooperation, including efforts to address current economic, regional, and global challenges.  Ghana is central to this, serving as a beacon of democracy and stability in this region, a critical leader within ECOWAS, and a global player at the United Nations and on issues of import, such as climate change.

However, the Ghanaian people are now facing real struggles, with high food and transport costs as well as rising food insecurity.

Businesses too, including your own, are having to make difficult choices as you try to manage the stressors of this economic crisis and support your employees. As we take time to think back on the blessings of the year, we must all consider how to seize the opportunities that are offered in a time of crisis to effect meaningful, perhaps difficult, change to bring long-term prosperity to all Ghanaians.

This is a matter of urgency! We must encourage the government’s efforts to quickly address the situation, including concluding an agreement with the IMF. At the same time, with the American entrepreneurial spirit alive and well among members of the AmCham, we must channel it to serve Ghana in this time of need.

As businesses that respect the rule of law and operate transparently, you have an important role to play in engaging the government on key reforms that can strengthen the business environment and attract new investments into Ghana.

We encourage those here – as key players in this economy – to use your voices to raise concerns and collaborate with the Government on business climate reforms to drive sustainable economic growth and opportunity. We are all facing strong headwinds coming from international economic and security developments this year.

I am proud that despite those headwinds, the Embassy and the AmCham sustained our momentum to expand the U.S. – Ghana commercial relationship through events such as the U.S.-Ghana Business Forum, diaspora outreach, and our franchising workshop, to name a few.

In closing, allow me to congratulate in advance tonight’s honorees and award recipients.

Please join me in remembering those who may have less this year and who may be suffering from a job loss or financial challenges. You are not forgotten. And it is my hope that our trade and commercial relationship will continue to grow and benefit all Ghanaians.

Let’s give thanks for the many blessings in our lives, both big and small, and in remembering that at the heart of this holiday… is the spirit of togetherness.

I wish you all an enjoyable evening and a Happy Thanksgiving!

 

Award Winners At The 2022 AmCham Ghana Thanksgiving And Awards Night

The American Chamber of Commerce, Ghana, at the recently held 2022 Thanksgiving Cocktail and Awards Night at the Labadi Beach Hotel on Saturday, November 19, 2022, awarded outstanding member companies for their various roles in promoting trade and investment between Ghana and the United States.

The awards for Outstanding U.S. Businesses in Ghana were presented to Masco Foods Limited (KFC Ghana), Appolonia City, and Delta Air Lines (Aviation Alliance Limited GSA). The 2022 award for Best Participating Member went to ePac Flexible Packaging Ghana Limited.

The Chamber also presented Certificates of Appreciation to member companies that have sponsored various AmCham Ghana events, including the AmCham Ghana Business Forum and the Thanksgiving and Awards Night. The Certificates of Appreciation went to Delta Air Lines (Aviation Alliance Limited GSA), Kosmos Energy Ghana HC, Cummins Ghana Limited, PwC Ghana Limited, Tampico (Interbrands Ghana Limited), Stanbic Bank Ghana Limited, Cargill Ghana Limited and Voltic Ghana Limited.

TechnipFMC also received a Certificate of Appreciation for excellence in the development and promotion of local content in the oil and gas sector of Ghana.

In recognition of their contribution to the promotion of AmCham Ghana activities, the Chamber presented Graphic Business and the Multimedia Group Certificates of Appreciation.

Gallery: 2022 AmCham Ghana Thanksgiving And Awards Night

The American Chamber of Commerce, Ghana (AmCham Ghana), on Saturday, November 19, 2022, hosted the 2022 Thanksgiving Cocktail and Awards Night at the Labadi Beach Hotel in Accra under the theme, ‘Building a Sustainable Future for U.S – Ghana Business Relations.’

The Chamber hosts the annual event to commemorate the traditional American Thanksgiving Holiday and express appreciation to individuals and companies that contributed to the development of the Chamber and the economic relations between Ghana and the United States.

Thanksgiving is a national holiday celebrated in the United States as a day of giving thanks for the blessing of the harvest and the preceding year.

The annual Thanksgiving reception allows members of the AmCham community to network and establish new relations for potential business collaborations.

The 2022 AmCham Ghana Thanksgiving Cocktail and Awards Night were sponsored by PwC Ghana Limited, Kosmos Energy Ghana HC, and Cargill Ghana Limited and refreshed by  Voltic Ghana Limited.

Below are fantastic pictures from the night.

 

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