AmCham Ghana Meets With Newmont Regional Senior Vice President

David Thornton, Regional Senior Vice President at Newmont Africa, on Thursday, January 12, 2023, paid a courtesy call to the American Chamber of Commerce, Ghana, to meet with the Chamber’s President, Ayesha Bedwei-Ibe, and Executive Secretary, Simon Madjie.

This was Mr. Thornton’s first visit to the Chamber and was accompanied by Newmont’s Vice President for Sustainability & External Relations, Adiki Ayitevie.

Among other issues discussed were Newmont’s operations in Ghana, plans for the future, and how the Chamber can assist in advocating for an improved business environment to streamline the gold company’s operations in the country.

Newmont Ghana is one of the leading gold mining companies in Ghana, employing thousands of Ghanaians. The company has invested several millions of dollars in production and corporate social responsibilities to improve livelihoods in host communities. Newmont is also one of the substantial contributors to Ghana’s public finances through taxes.

AmCham Ghana Executive Secretary, Simon Madjie, noted the importance of having companies such as Newmont do business in the country, reiterating its enormous benefits to the socioeconomic development of host communities and the entire country at large, as well the Chamber.

“Newmont has been an iconic and credible American company, setting good examples for all of us to follow, and it’s a good module to preach to all those who are looking to invest in Ghana, from engagement with stakeholders, the community, to the closeness with agencies and organizations such as ours, so we look forward to continuing that relationship,” Mr. Madjie added.

AmCham Ghana President, Ayesha Bedwei-Ibe, reiterated the Chamber’s commitment to seeing business prosper and assured Mr. Thornton that all the concerns will be raised at the appropriate quarters and is hopeful that they will be addressed to improve the company’s ease of doing business in Ghana.

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 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.

 

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.

 

[unitegallery TG22]

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.

The Ghana Real Estate Professional Association Joins AmCham Ghana

The American Chamber of Commerce, Ghana, is pleased to welcome the Ghana Real Estate Professional Association (GREPA) to our community of progressive businesses. GREPA joins the Chamber as a Gold Member.

GREPA  was set up to bring professionals in the Ghanaian real estate industry together to promote the goals of its members, promote professional standards and ethics, and provide local and international networking.

The organization aims to aggressively promote the optimum  utilization and growth of Real Estate Services in Ghana based on core values of being ethical, noble, and accountable and providing the most accurate information, future-focused education, invaluable networking, and “Building a reputation second to none.”

The objectives of the Ghana Real Estate Professional Association include;

  1. To create a networking platform and opportunities for members on local and global business levels
  2. To partner with international real estate organizations building a global real estate village.
  3. Support for Government regulation for the country and members of the association.
  4. As a single platform, we can raise our voices, share and carry on any issue related to Real Estate, and assist Government in formulating Bills and Acts of parliament for the Industry, or any other work related to our business.
  5. To collaborate with other local institutions to create awareness and public education on matters affecting real estate and more specifically Landlord-Tenant issues.
  6. To unite the Real Estate Brokers, Associates of Ghana for the purpose of exerting effectively a combined positive influence upon matters affecting our profession.
  7. To promote and maintain the highest standard of conduct in all Real Estate transactions as expressed in the Code of Ethics that will be adopted by this Association and to enforce the Code among members in dealing with one another and the public.
  8. To achieve transparency, accountability, fair dealing, and ethical practices for overall good governance and TRUST in the industry.
  9. To improve the economic opportunities of every Ghanaian by providing a road map to international Best Practices in the property market.

GREPA is set up for the public good, providing quality services, ensuring client satisfaction, creating credibility and trust in the industry, encouraging cooperative transactions among members, and facilitating profits for the practitioners. Learn More

 

CONTACTS

Official Address
15 Sergeant Adjetey Street
East Legon,  IL  233
Ghana
Phone Number

+233 57 5085 565

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