5Th AmCham/GARIA Business Meeting: Discussion Of The New Office Of The Registrar Of Companies

The American Chamber of Commerce, Ghana, and the Ghana Association of Restructuring & Insolvency Advisors (GARIA) On Thursday, November 3, 2022, hosted the Registrar of Companies,  Jemima Oware, for a discussion of the new Office of the Registrar of Companies (ORC) towards enhancing the Ease of Doing Business in Ghana at the 5Th AmCham/GARIA Business Meeting.

Other speakers at the event included AmCham Ghana President Ayeesha Bedwei Ibe, President of GARIA, Felix Addo, Dr. Anthony Oteng-Gyasi, Board Chairman, GRA / Executive Chairman of Tropical Cables, and Seth Asante, Chairman of ORC / Managing Partner, Bentsi-Enchill, Letsa & Ankomah.

The separation of ORC from the Registrar-General’s Department (RGD) is to focus solely on entity registrations and administration and to advance sound corporate governance principles, transparency, and ease of doing business.

The objective of the new Office is to register and regulate all types of businesses in conformity with the laws. The ORC will also discharge duties and perform functions of the Office as the Official Liquidator and Regulator of Insolvency Practitioners under the Corporate Insolvency and Restructuring Act, 2020 (Act 1015) with its amendment (Act 1031).

Under the new Act establishing the ORC;

  • The Regulations (Articles of Association and Memorandum of Association) are now referred to as the Constitution.
  • Companies are given the option to file a Registered Constitution or opt for one of the Three Schedules in the Act which are prototypes of the six (6) types of Constitutions under the Act as their Constitution.
  • Object Clause is no more mandatory (sectors required, however).
  • Objects would, however, be required by Companies regulated in a specialized sector such as Banks and Companies with Foreign Participation.
  • The rules governing approval of the names by the Registrar of Companies would still apply with regard to the name of a business and how it can restrict a company to only specific objects to operate
  • New suffixes have been introduced-S.21 (Limited Company (LTD), PLC, LBG, PLBG, PRUC, PUC, etc.)
  • The age limit is now 18, not 21.
  • No required minimum capital
  • No Certificate to Commence Business
  • Unclaimed Dividends are to be transferred to the ORC under sections 73 and 74 of Act 992 and managed for 7 years, after which if the dividend is still unclaimed, 50% would be transferred to the Consolidated Fund and 50% lodged in the ORC’s interest-bearing Account to be used for investor education, research, entrepreneurial development and advancement in Company Law.
  • The Directors of a Company shall not appoint a person as a Company Secretary unless that person; has obtained a professional qualification or tertiary level qualification with an offering in company law practice and administration that enables the person to have the knowledge and perform the functions of a Company Secretary, has been appointed a Company Secretary Trainee or has held office under a qualified Company Secretary for at least three (3) years; or is a member in good standing of the Institute of Chartered Secretaries and Administrators or the Institute of Chartered Accountants Ghana, having been enrolled to practice, is in good standing as a Barrister or Solicitor in the Republic, or by academic qualification, or as a member of a professional body, appears to the Directors as capable of performing the functions of a secretary of the Company.

Madam Oware also hinted that under the Ghana Economic Transformation Project, being funded by the World Bank, the RGD procured a consultant to help the new ORC develop its Corporate Strategic Document and Organizational Manual and facilitate the decoupling from the RGD. These Documents she said would be ready by January 2023.

According to the Registrar of Companies, new software with efficient functionalities is being procured through the World Bank to streamline online service delivery to ensure fewer walk-ins. With the new system, a standard API will be provided for data-sharing purposes and real-time information access. Applicants will be allowed to select the bank of their choice during the registration process, and the data will be shared with the bank for account opening purposes at a fee.

In dealing with ‘GORO Boys,’ Madam Oware said, a VVIP unit will be established in the ORC located at the RGD to provide swift services at an approved fee.

AmCham Ghana/U.S. Embassy Train Entrepreneurs On How To Launch A Successful International Franchise Business

AmCham Ghana, in collaboration with the U.S. Embassy in Ghana, held a two-day franchise training for about 50 Ghanaian businesses and entrepreneurs in Accra. The maiden franchise training event on How to Launch a Successful International Franchise Business was to equip participants with expertise on engaging with U.S. franchisors.

The two-day event saw remarks from the Deputy Chief of Mission at the U.S. Embassy in Accra, Nicole Chulick, and Chairman of the AmCham Ghana Franchising Committee/Executive Director of Mohinani Group, Ashok Mohinani. The training also featured lectures from industry experts, including Kay Ainsley, Managing Director at MSA Worldwide, and Eric Johnson, Global Franchising Team Lead at the U.S. Department of Commerce.

Franchising allows local companies to work closely with U.S. partners with extensive marketing, logistics, and financing expertise. The training also hosted a panel of industry practitioners from PwC, Cal Bank, Ecobank, Fareast Mercantile, U.S. Patent and Trademark Office, Kimathi & Partners, Ministry of Trade, Quality Insurance, Orkin Pest Control, and the Ghana Registrar General’s Office for discussions on Intellectual Property Rights; Local Legal, Tax, and Policy Considerations; Local Business Development and Financing for Franchises; and Running a Successful Franchise. 

Participants were presented with a certificate of participation by the Executive Secretary of AmCham Ghana, Simon Madjie, after their two-day intensive training from leading U.S. industry trainers and international and local experts about franchising contracts, how to build a strong franchising business, sources of revenue for each partner, local tax and legal issues, how to secure financing, and protect intellectual property rights, among other topics.

 

AmCham Ghana Hosts Memphis Trade Delegation

The American Chamber of Commerce, Ghana, on Tuesday, October 4, 2022, hosted a Trade Delegation from the United States city of Memphis in Tennessee at the Chamber’s secretariat in Accra.

The delegation led by the Greater Memphis Chamber was in the country to explore investment opportunities in education, tourism, and infrastructure, as well as build strong cultural ties with Ghana.

AmCham Ghana Executive Secretary, Madjie Simon, briefed the delegation on doing business in Ghana and shared economically viable sectors which could boost trade and investment between Ghana and the United States. He reiterated the Chamber’s preparedness to assist businesses seeking to establish and do business in Ghana.

AmCham Ghana Private Meeting with U.S Congressional Delegation

AmCham Ghana, on Monday, September 12, 2022, hosted a private meeting between 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, as well as further strengthing U.S. – Ghana relations and advocating for improved regulations to enhance the ease of doing business.

The U.S. Congressional delegation included Chairman Raúl Grijalva, House Natural Resources Committee (D-AZ), Congresswomen Jennifer Gonzáles Colón, House Natural Resources Committee (R-PR), Congressman Edward Case, House Natural Resources Committee (D-HI), Congressman Gregorio Kilili Camacho Sablan, House Natural Resources Committee (D-NMI), and Congresswoman Rashida Tlaib, House Natural Resources Committee (D-MI).

AmCham Members companies present at the meeting included, Joe Mensah, Senior Vice President & Head of Ghana Business Unit at Kosmos Energy, David Thornton Regional Senior Vice President at Newmont Africa, Adiki Ofeibea Ayitevie, Vice President, Sustainability & External Relations at Newmont Africa, Bharathwaj Kannan, Sr. Area Manager for North West Africa at Halliburton, Evans Sam, Operations Administrator at Boart Longyear, Theophilus Ahwireng, Chairman/Managing Director at MODEC Production Services Ghana JV Limited, Baafour Asiamah-Adjei, CEO at Genser Energy, Frances Rogoz, VP of Project Development at Genser Energy, Anna Klapper, VP External Communications at Genser Energy, Prince Agbeibor, Country Manager, Ghana & Ivory Coast at Schlumberger, Selom Akaba, New Units Projects Director Sub-Saharan Africa at GE Gas Power, Mark Pritchard, Country Manager at The Coca-Cola Bottling Company Of Ghana Limited, and  Joseph Dankwah, Business Development & Sales Manager -TechnipFMC Ghana, Equatorial Guinea & Ivory Coast.

VX Technologies And Ghana’s Future on Blockchain

The Chamber, in collaboration with our member, VX Technologies, on August 25, 2022, hosted an event on Ghana’s Future on Blockchain, introducing VXT’s cutting-edge credentialing technology to Ghana.

Speakers at the event included AmCham Ghana President, Ayesha Bedwei Ibe, President of VX Technologies, Justin Pauly, AmCham Ghana Executive Secretary, Simon Madjie, Commercial Officer at the U.S. Embassy in Ghana, Laurie Kelleher, and Managing Director at Cargill Ghana, Aedo van der Weij, who stated that it is hard to effect changes in already established systems and that it wasn’t a coincidence that Mobile Money was invented in Africa. “It never would have been possible to invent that in the U.S. or Europe,” he added.

VXT is a fast-growing Verified Record (VR)™ on Blockchain company that provides secure certificates at a low initial purchase price and low recurring costs. The company operates globally from its base in the United States, and according to its President, Justin Pauly, the company is excited to establish its African headquarters in Ghana. “I think Ghana has a bright future with respect to blockchain technology. It’s very important for businesses to work with blockchain to effect changes in their operations,” he added.

VX Technologies’ products reach every facet of life that needs to be verified, and verification is verifiable anywhere there is the internet. The opportunities for verification range from personal achievements in education and professional credentials to your vaccination status or prescriptions.

VXT recently joined AmCham Ghana, and Chamber’s Executive secretary, Simon Madjie, during his remarks, reiterated the Chamber’s commitment to strengthening economic relations between Ghana and the United States. “Today is one of those days where our everyday work comes to fruition, which is promoting U.S. business here (Ghana). VTX, a U.S. company, and what they are bringing onto the Ghanaian market gives us such an opportunity to bring to the fore the importance of working with companies from the U.S. And it is not just working with them but they are here to transfer technology, work with locals, pay taxes and improve the lives of many Ghanaians,” he stated.

The company provides the technology to instill trust where it has been lacking and aims to overcome problems that seemed impossible to solve before blockchain. Its records are immutable and sanctioned by a government and or governing body to instill trust in individuals, providers, and the societies that they serve.

They are focused on promoting individual sovereignty by providing products that enable you to have a record of your life. Your credentials, certifications, treatments, and more should be usable as you see fit, as well as public sovereignty, by ensuring the credentials or status of anyone can be verified at all times. Whether you want to secure someone’s vaccination status or professional credential, you should be able to anywhere and for free.

 VXT chose to tackle global trust markets for two reasons. First, billions of people worldwide face issues related to the authenticity and availability of records. Second, they are solvable on both technological and financial scales with blockchain.

 

Contact VXT

Prince.Adipah@vxpass.com
justin.pauly@vxpass.com
www.verifyforx.com
www.vxpass.com

Summary Of The U.S. Strategy Towards Sub-Saharan Africa

Introduction

Sub-Saharan Africa has one of the world’s fastest-growing populations, the largest free trade areas, and diverse ecosystems. This strategy reframes the region’s importance to US national security interests. It calls for developing a deeper bench of partners and a more flexible regional architecture. US policy priorities include promoting democracy and governance, peace and security, trade and investment, and development.

Strategic Objectives

In Sub-Saharan Africa, the United States will pursue four goals:

  • Foster Openness and Open Societies
  • Deliver Democratic and Security Dividends
  • Advance Pandemic Recovery and Economic Opportunity
  • Support Conservation, Climate Adaption, and a Just Energy Transition

Foster Openness and Open Societies

The US is vested in ensuring that the region remains open and accessible to all. Open societies are more likely to collaborate with the US, attract more US commerce and investment, and implement policies that better the lives of their residents.

  • The United States will collaborate with African governments, civil society, and the public to strengthen openness and accountability, mainly through investigative journalism, countering digital authoritarianism, and enshrining laws, reforms, and practices that promote shared democratic principles.
  • The United States will increase its focus on rule of law, justice, and dignity to deepen resilience and undercut negative influences
  • The United States will support African countries in leveraging their natural resources more transparently, particularly energy and essential minerals, for sustainable development while also assisting to strengthen diversified, open, and predictable supply chains.

Deliver Democratic and Security Dividends

The region’s willingness and ability to revitalize its democracies and foresee, avoid, and address emergent and long-running conflicts can lead to better outcomes for Africans and Americans.

  • The United States will seek to stem the recent tide of authoritarianism & military takeovers by working with allies and partners in the region.
  • The United States will support African democracies by backing civil society, empowering marginalized groups, and centering the voices of women and youth in reform efforts.
  • The United States will focus its diplomatic efforts, leverage its development programs, and use its defense tools to strengthen and enable partners to respond to the drivers of conflict across the region.
  • The United States will prioritize counterterrorism (CT) resources to reduce the threat from terrorist groups to the U.S. Homeland, persons, and diplomatic and military facilities, directing unilateral capability only where lawful and where the threat is most acute.

Advance Pandemic Recovery and Economic Opportunity

It is critical to address two of the region’s most important issues: the COVID-19 pandemic and its economic and social ramifications. The United States is dedicated to collaborating with African governments and international partners to help African economies become more stable and inclusive.

  • The United States will prioritize policies and programs, as well as strengthen existing partnerships, to end the acute phase of the COVID-19 pandemic and enhance health security
  • The United States will strengthen global supply chains to increase preparedness for the next health threat; address challenges in procuring and delivering vaccines, diagnostics, and therapeutics; support manufacturing initiatives for vaccines and other medical countermeasures.
  • The United States will work with African countries to promote a stronger growth trajectory and debt sustainability, including by leveraging multilateral institutions, global partners, and international initiatives, to support the region’s economic recovery.
  • The United States will assist in rebuilding human capital and food systems that have been severely undermined due to the pandemic and the impact of Russia’s assault on Ukraine.

Support Conservation, Climate Adaptation, and a Just Energy Transition

Africa’s efforts to conserve and restore the continent’s ecosystems and rich natural resources— while also realizing energy access and energy security goals, diversifying its energy mix, and building sustainable supply chains—are central to tackling the global climate crisis.

  • The United States will partner with African governments, civil society, and local communities to conserve, manage, and restore the continent’s rich natural ecosystems, which can help reduce global carbon emissions and dampen climate change impacts.
  • The United States will assist African countries in adapting to and building resilience to climate change. The United States will continue collaborating with African states vulnerable to climate
    change.
  • The United States will encourage governments to undertake critical reforms to enable transparent and world-class investment in the region’s essential minerals under the President’s Emergency Plan for Adaptation and Resilience (PREPARE).
  • The United States will continue pursuing public-private partnerships to sustainably develop and secure the critical minerals that will supply clean energy technologies needed to facilitate the global energy transition.

The Approach

This new strategy will spur us to refocus, renew, and strengthen existing programs, as well as recommend and develop new initiatives. Here is how it is going to be done.

  • The United States will continue to work with Africans to address shared global concerns and thrive in a more connected, urban, and youthful area.
  • The US will work with African allies to ease legal trade and travel.
  • Across Sub-Saharan Africa, we will create a digital ecosystem based on open, dependable, interoperable, and secure internet and information and communication technology.
  • The US will assist African cities in planning for future expansion in vital sectors such as energy access, climate change adaptation, transportation, and water and waste management.

Conclusion

US President Joe Biden: “We recognize that we have vital interests in common, and our path toward progress rests on a commitment to working together. “Biden noted that “none of this is going to be easy” but affirmed, “there is no doubt that our nations – we’re up to this task.”

 

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Promoting Trade and Investment: Minnesota-Ghana Business Roundtable and Business Reception

In collaboration with the U.S. Embassy in Ghana, AmCham Ghana, on Thursday, July 7, 2022, hosted the Minnesota-Ghana Business Roundtable and a business reception in honor of the visiting trade delegation from the US state of Minnesota.

The trade delegation was led by Minnesota Africans United, with support from the Minnesota Department of Agriculture. The delegates included business leaders from various sectors such as agribusiness, healthcare, ICT, and renewable energy. They were in the country to explore possible partnerships to bolster trade and investment between the state of Minnesota and Ghana.

Speaking at the business roundtable, the CEO of Ghana Free Zones Authority, Dr. Mike Oquaye Jnr. stated that the free zones authority is diversifying with more focus on companies with foreign markets by providing incentives to drive production. “The Ghana Free Zones Authority used to concentrate mainly on exemptions for export, but now we are looking at a different future, and that future is giving incentives, monetary and non-monetary to companies that have foreign markets. So that is the exact kind of delegation that’s here.”

Dr. Mike Oquaye Jnr. reiterated the authority’s readiness to assist companies to establish their businesses in the country and encouraged the delegation to explore opportunities in the Agricultural sector as there are a lot of incentives that make for mutual benefits. He also noted the importance of US companies in the various industrial parks in the country. “Wherever we have had American companies as anchor tenants, we have been able to scale up in no time,” he added.

Yofi Grant,  CEO of the Ghana Investment Promotion Centre, said Ghana is in the middle of the world and provides a 360-degree view, putting the country in a perfect position as the logistics hub of the world. He also noted the relevance of adding value to raw materials hence the government’s focus on manufacturing through its ‘One District One Factory‘ initiative.

He noted that Ghana’s peace, stability, and constitution that prohibits expropriation serve as security and assurance to investors that their interests are protected.

Other speakers at the roundtable included Kofi Adams from the Ministry of Trade and Industry, AmCham Ghana Executive Secretary, Simon Madjie, President and CEO of Minnesota Africans United, Basil Ajuo, Assistant Commissioner of the Minnesota Department of Agriculture, Patrice Bailey, and Laurie Kelleher, Commercial Officer, at the U.S. Embassy Ghana.

The Chamber also hosted the visiting delegates for a business reception to allow Chamber members to network and establish possible business relations.

The delegation from Minnesota included Ben Dossman from Bija Bonanicals, Micheal Birchard, VP for Diversity and Inclusion at the Mitchell Hamline School of Law, Alexandra Spieldoch, CEO of Bountifeild Harvest, Samuel Ngwa, President and CEO of Dessco and Safari Pride, Brian Plourde, Founder of Lema Power, Richard Ayuk from Lema Power, Martin Akinseye from Concept Media, and Isaac Owens.

2022 US – Ghana Business Forum | Leveraging AfCFTA to Promote U.S-Africa Commercial Partnerships

The U.S Chamber of Commerce and the American Chamber of Commerce, Ghana, will organize the 3rd high-level meeting between US and Ghanaian Government Officials and Businesses on the official visit of the Deputy Secretary of Commerce, Don Graves. The U.S.-Business Forum is aimed at deepening diplomatic and commercial partnerships between Ghana and the United States for the successful implementation of the African Continental Free Trade Agreement (AfCFTA). The theme for the 2022 U.S.-Ghana Business Forum is: “Leveraging the AfCFTA to Promote U.SAfrica Commercial Partnerships.” This event is in line with the drive by the AfCFTA Secretariat to engage the private sector, the African diaspora, and other strategic partners for the effective implementation of the Agreement.

When: Thursday, June 16th, 2022
Time: 9:00am-1:30pm
Where: Kempinski Hotel Gold Coast City, Accra

Click Here To Register

The forum will have plenary sessions with high-level government officials as speakers; and panel discussions on pertinent topics including Customs Modernization and Supply Chain Solutions to Promote Manufacturing Within the AfCFTA Zone; and Building Sustainable Digital Economy as a driver and an enabler for successful implementation of the AfCFTA.

Speakers at the forum include Honorable Ken Ofori-Atta (Minister of Finance) Deputy Secretary Don Graves (U.S Department of Commerce) Deputy Assistant Secretary Akuna Cook (U.S Department of State) Scott Eisner (President -U. S-Africa Business Center of the U.S Chamber of Commerce) Ayesha Bedwei IBE (President- American Chamber of Commerce in Ghana) and captains of the U.S-Ghana business community. The 2022 Forum aims to strengthen trade and investment, promote business partnerships, and opportunities between U.S. and Ghanaian businesses and review the manufacturing and digital sectors as enablers for the implementation of the single market project in Africa. At the end of the conference, it is expected that U.S.-Ghana commercial partnership will be projected and enhanced, focused on improving the investment climate in Ghana and the African continent.

Participants will be brought up to date on the latest trends in trade and investment on the continent and will have the opportunity to share their experiences and identify specific investment opportunities for future transactions. The Forum is organized by the American Chamber of Commerce (AmCham) Ghana U.S. Chamber of Commerce, and the U.S Embassy in Accra.

Africa Development Bank(AfDB) Financing Options and Strategies for Projects in Ghana

The Chamber, on May 26, 2022, hosted , Senior Commercial Liaison to the African Development Bank Group, and Elvire Yéré Kodio, MBA, Commercial Specialist to the African Development Bank, for discussions on the bank’s priority areas and strategy in Ghana and also how companies can properly position themselves to engage the bank.

The meeting was on the sidelines of AfDB’s 2022 Annual Meetings held in Accra.

Ashley Ndir presented the 0pportunities for U.S. companies, steps companies must follow for a successful engagement with the bank, and AfDB’s strategy for Ghana.

The AfDB Group provides assistance through two main windows – the African Development Bank (AfDB), which lends at market-based rates, and the African Development Fund (ADF), which provides grants and concessional financing to the least developed countries of the continent. The Bank also manages Trust Funds. ​

Opportunities available at the bank includes Project Procurement, which allows the country’s government to borrow funds from the AfDB Group for a public works project (goods, works, services), Corporate Procurement, with this AfDB Group itself, runs a competition for services, goods and works for its internal needs, and finally, Private Sector Financing, this allows the U.S. and other AfDB member country private sector firms partner with AfDB Private Sector Operations on financing solutions in support of private sector activities.​

The AfDB has provided financing for projects in various sectors of the Ghanaian economy, including the transport and Agricultural sectors, with the majority of funding.

This event was held in collaboration with the U.S. Embassy in Ghana and the U.S. Commercial Service.

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AmCham Ghana Meets With The New US Ambassador To Ghana

AmCham Ghana, on Monday, May 23, 2022, hosted the new U.S. Ambassador to Ghana, Virginia E. Palmer, at the AmCham secretariate.

The Ambassador met with the AmCham Ghana President, Ayesha Bedwei Ibe, and the Board of Directors for discussions on protecting and promoting the interest of U.S. companies as well as collaborating more on issues of mutual interest to further strengthen relations between Ghana and the United States.

Ambassador Palmer reaffirmed her commitment to working with the Chamber in creating a favorable business environment.

Ambassador Virginia E. Palmer was previously Acting Assistant Secretary for Energy Resources at the Department of State, overseeing U.S. foreign policy engagement at the critical intersection of our energy, climate, and national security goals.  She took up that post after serving as Deputy Commandant of the National Defense University’s Eisenhower School.

Also present at the meeting were AmCham Ghana Vice President, Pakwo Shum, Counselor for Commercial Affairs at the U.S. Embassy in Ghana, Dean Matlack, AmCham Ghana Board Members, including Adiki Ayitevie, Doris Afanyedey, Sulemana Abubakar, Philip Ayivor, AmCham Ghana Membership, External Relations and Project Manager, Jane Okyere-Aduachie, Economic Section Chief at the U.S. Embassy in Ghana, Stephanie Hutchison, and Commercial Officer, Laurie Kelleher.