AmCham – AGA Africa Akwaaba Reception For Visiting US Attorneys General

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

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

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

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

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

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

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U.S. – Ghana Digital Forum

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

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

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

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

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

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

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

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

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

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

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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. 

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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.

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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.

 

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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.

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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.

United Way Ghana Honors AmCham Ghana For Its Support

United Way Ghana, at its Community Builders Awards on Thursday, December 5, 2019, honored the American Chamber of Commerce in Ghana for supporting the organization to undertake one of its major projects.

The Community Builders Awards Dinner was organized to appreciate volunteers, partners, and corporate institutions for their tremendous support towards United Way Ghana’s impact work in the various communities in Ghana.

In May 2019, AmCham Ghana supported United Way Ghana for its Nyansapo Literacy Project which was aimed at promoting childhood literacy at the Ayebeng Memorial Primary School in Accra. Through AmCham Ghana’s support, United Way presented the school with a ‘Library In A Box,’ each class in the school was given a box of books to make materials accessible and inspire reading culture in pupils.

Other organizations and individuals honored at the event includes AmCham Ghana members – Newmont Goldcorp Ghana and Morrison & Associates. AmCham Ghana Treasurer,  Adiki Ayitevie, and Former Treasurer of the Chamber, Doris Afanyedey, were also honored for her contributions and support to United Way Ghana.

AmCham Ghana 30th Anniversary Celebration / Thanksgiving Dinner and Awards Night

The American Chamber of Commerce in Ghana on Saturday, November 23, 2019, held its 30th Anniversary Celebration / Thanksgiving Dinner and Awards Night. The event was to climax the year-long 30th-anniversary celebration and also commemorate the American national holiday of Thanksgiving.

The event had in attendance Senior Government Officials, including the Guest of Honor, Deputy Minister for Trade and Industry, Hon. Carlos Ahenkorah, Minister of Gender, Children, and Social Protection, Hon. Cynthia Morrison, and former Minister for Finance, Hon. Seth Terkper,  the U.S. Ambassador to Ghana, Stephanie S. Sullivan and other Heads of Mission at the U.S. Embassy in Ghana. Also in attendance were corporate executives from the American business community, former AmCham Ghana Presidents and executives, members of the Chamber, and other associates.

The Guest of Honor, Hon. Carlos Ahenkorah, during his remarks, commended AmCham Ghana for promoting trade and investment between Ghana and the United States and connecting businesses across the continent for 30 years. “Indeed, fostering these partnerships requires extensive commitment and a genuine sense of excellence that transcends normal business practices,” he added.

The Minister also touched on the “Year of Return, Ghana 2019” program, which was launched by the President of Ghana in Washington DC in September of 2019. According to the Minister, the Ministry of Trade and Industry cannot ignore the economic significance of the program as they champion intra-African trade by hosting the Secretariat of the AfCFTA. He said, “Indeed, it is a known fact returnees have contributed enormously to the rapid development of the Asian Tigers such as Korea, Japan, and China.”

“This was done through a conscious effort to provide a business environment that is welcoming, facilitating, and of international standards. We believe these are important for the business assimilation of returnees and offer a myriad of opportunities,” he added.

Given this, the Ministry is implementing a ten-point industrial transformation agenda with business regulatory reforms to improve the ease of doing business in the country.

Hon. Carlos Ahenkorah said the Ministry is supporting private sector promoters to develop Industrial Parks and Social Economic Zones around the country to provide dedicated land space with energy, water, and telecommunications facilities for the establishment of manufacturing industries. This is expected to solve problems related to the acquisition of industrial land in the country.

The Minister joined the outgoing President of the Chamber, Joe Mensah, the Former Presidents and Executives of the Chamber, the U.S. Ambassador to Ghana, Stephanie S. Sullivan, the Senior Director for West & Central Africa at the U.S. Chamber of Commerce’s U.S.-Africa Business Center, Dr. Guevera Yao, and the Headline Sponsors of the event to cut the special 30th-anniversary cake.

30th Anniversary and Thanksgiving Awards

The Chamber seized the opportunity to honor the contributions of Former Presidents and Executives of the Chamber, Members, Staff, and associates.

Ladi Nylander, AmCham Ghana Founding President; Victoria Cooper-Enchia, Former AmCham Ghana President;  William Ohrt, Former AmCham Ghana President;  Mona Boyd, Former AmCham Ghana President; Philippe Ayivor, Former AmCham Ghana President; Joe Mensah, Former AmCham Ghana President; Felix Addo, Former AmCham Ghana Vice President; Nick Kyei Baffour, Active Former Vice President; Herbert Morrison, Founding Member; Theresa Aba Conduah, First Executive Secretary of AmCham Ghana; Doris Afanyedey, Past Treasurer & Longest Serving Treasurer of the Chamber; Simon Madjie, 10 Years of Service to the Chamber;  Akua Oye-Akufo, Longest-Serving Staff at the Chamber; U.S. Embassy in Ghana, Most Strategic Partner Throughout this 30-Year Period; Newmont Goldcorp Ghana, Longest Serving Member of the Chamber; PwC Ghana, Longest Serving Member of the Chamber; Coca-Cola Bottling Company of Ghana Limited, Longest Serving Member of the Chamber, and NCR Ghana Limited, Longest Serving Member of the Chamber, were all presented with a special Certificate of Appreciation from the U.S. Chamber of Commerce in Washington DC.

The Outgoing President of the Chamber, Joe Mensah, was presented with a Leadership Achievement Award for his exemplary leadership throughout his four-year tenure and his immense contribution to the promotion of trade and cultural ties between Ghana and the United States.

Plaques of Appreciation were presented to our Headline Sponsors; Kimathi & Partners and Newmont Goldcorp Corporation, our Gold Sponsor; ExxonMobil E&P Ghana (Deepwater) Limited, Silver Sponsor; JLD & MB Legal Consultancy, and Delta Air Line Ghana and GoldLine Mining Ghana Limited for supporting the AmCham 30th Anniversary Celebration / Thanksgiving Dinner and Awards Night. 

Dode Seidu was also presented with a Special Recognition award for his support and contributions to the Chamber’s development.

AmCham Best Member Award 2019

The Best AmCham Ghana member award for 2019 went to ExxonMobil E&P Ghana (Deepwater) Limited for their consistent participation in AmCham Ghana activities throughout the year. ExxonMobil, the largest publicly traded international oil and gas company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil Exploration & Production Ghana (Deepwater) Limited acquired rights in 2018 to explore the ultra-deepwater block Deepwater Cape Three Points.

ExxonMobil holds 80% interest in the Deepwater Cape Three Point block.

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AmCham Ghana Launches ‘State of American Business Study 2020’

The American Chamber of Commerce, Ghana, in collaboration with PricewaterhouseCoopers, has launched the State of American Business Study 2020.

The study will serve as a pulse check of the current United States business environment in Ghana and provide an overview of the contributions of American companies to Ghana’s economy.

PwC first supported the Chamber with the exploratory study in August 2015.

Speaking at the launch of the study in Accra on Thursday, November 21, 2019, the outgoing AmCham Ghana President, Joe Mensah, said,  “American companies have contributed immensely to Ghana’s development, and that data is needed to know where we are now.”

He added that the Chamber would once again collaborate with PwC to conduct the study as it did in 2015.  “A significant amount of time has passed since the first study and I hope that we will receive a greater level of participation this year,’ he noted.

He advised all American businesses in Ghana to sign up and share their data with the Chamber. “I urge American businesses in Ghana to sign up to be part of the study to enable us to get a true depiction of their contributions to the country,’ he said.

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 business 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