AmCham Reception In Honor Of Trade Delegation From Memphis

The American Chamber of Commerce, Ghana, on Tuesday, October 10, 2023, hosted the Building Bridges to Africa trade mission from Memphis, Tennessee, USA, for a reception at the Chamber’s secretariat to afford members the opportunity to interact with the visiting delegation.

The Building Bridges to Africa trade mission aims to boost trade and foster economic growth by creating business connections, promoting knowledge exchange, and enhancing cultural understanding.

The delegation consists of business owners and leaders from different sectors, such as Energy (Bulk Fuel Distribution, Energy Innovation, Process Improvement, Fuel Supply Chain Management), Legal (Contracts and Litigation, Entertainment Law Representation, Criminal Defense), Logistics and Transportation (Freight Transport, Freight Management, Warehousing, Freight Innovation), and Economic Development (Women-focused Investments, Capitalization, Entrepreneurial Support, Financial Literacy).

The event served as an interactive networking platform and presented an excellent opportunity for Members to meet businesspeople from various sectors, establish new relationships, and explore possible partnerships and collaborations.

The reception was refreshed by Coca-Cola, Voltic, and Tampico.

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.

Report : AmCham Breakfast Meeting To Discuss 2019 Economic Outlook

On Thursday, January 10th, 2019, the American Chamber of Commerce, Ghana held its maiden breakfast meeting on the theme “2019 Economic Outlook” at the Movenpick Ambassador Hotel in Accra. The objective of the meeting was to provide its members with critical information about the 2019 Budget Statement of the Government of Ghana as well as how other policy developments will impact the business environment.

Mr. Joe Mensah, President of AmCham Ghana, in his opening remarks, stated that the Chamber organized the meeting in collaboration with PwC to enable members to understand the economic outlook of the country, the new tax rules and regulations, and its implications on the business environment. According to him, it would help the Chamber progress in a positive direction and also strengthen its advocacy role to enable the government to move the economy in the right direction.

2019 Economic Outlook by Abeku Gyan-Quansah, Partner, Tax, PwC

The economy of Ghana is expected to record a real Gross Domestic Product (GDP) growth of 7.6% with the oil sector expected to drive growth, an end-of-year target inflation of 8% and a nominal GDP growth of about 15-16% according to the 2019 budget.

Meanwhile, the government expects to raise an anticipated revenue of GHS 58 billion against its intended expenditure of GHS 73.4 billion which will result in a deficit. About 77% (GHS 45 billion) of the entire government revenue is expected to be generated from taxes which comprises: taxes from income and property, goods and services and international trade. To achieve this revenue target will require more drastic tax and revenue measures and a drive towards compliance by the government given that the Ghanaian economy is largely informal. Also, the new Fiscal Responsibility Act requires that the Minister of Finance does not exceed a budget deficit of 5% except in exceptional circumstances. This implies that businesses will have to pay critical attention to tax regulations and ensure compliance as government will strictly pursue revenue mobilization.

The government has already outlined a number of tax measures under the various tax components. Under income and property tax, the government intends to increase the top marginal band to 30%, convert the mining sector exemption into equity, increase tax free band (tax wage earners that earn above the minimum wage), shift withholding tax in small scale mining from its current point to export, grant tax holidays to businesses under the One District One Factory (1D1F) initiative and effectuate housing tax concessions.

Tax measures on goods and services as well as international trade will include the introduction of tax stamps on textiles, zero-rating Value Added Tax (VAT) on locally manufactured textiles for three years to make the local textile industry more competitive and attractive and granting of tax exemptions to 1D1F enterprises and electric vehicles.

To improve domestic revenue mobilization, the government plans to intensify tax compliance by simplifying tax payment, reforming Ghana Revenue Authority (GRA) to enhance its performance, carrying out distress actions and prosecuting offenders.

Government will expand the tax base of the country by deploying Nation Builders Corps (NABCO) officers to assist GRA officers in revenue mobilization, deepening digitization and encouraging all Ghanaians to register for a Tax Identification Number (TIN) without which one cannot undertake a number of transactions in the country. Businesses must ensure their systems are properly updated to include the TIN of people they deal with.

Members of the Chamber were further educated on the TIN and the annual tax requirements to enable them to be compliant to tax regulations in the country in order to avoid the penalties and reputational damages they could face for defaulting their tax payment which could negatively affect their businesses.

Members also asked questions concerning the possible consequences the economy will face should the minister of finance exceed the 5% deficit, the complexity of expanding the tax base in the country, the need for the TIN and file numbers, relevance of money paid by informal sector businesses to government agencies and the availability of training programmes to educate members on how to file individual returns.

Mr. Joe Mensah during his concluding remarks acknowledged that the presentation was very insightful and thanked PwC for their support for the Chamber over the years. He noted that 2019 will be a great year for the Chamber and urged members of the Chamber to support each other to help drive American companies forward and fight corruption in the country.

Documents 

1. 2018 Tax Facts and Figures document and 
https://www.pwc.com/gh/en/assets/pdf/2018-tax-facts-and-figures-gh.pdf
 
2. 2019 Budget Highlights document 
https://www.pwc.com/gh/en/assets/pdf/2019-budget-highlights.pdf

 

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U.S. – GHANA Executive Business Roundtable With H.E. Nana Addo Dankwa Akufo-Addo

Following the recent U.S-Ghana Business Forum in Accra, the U.S.-Africa Business Center and AmCham-Ghana are organizing, incollaboration with the Ghana Investment Promotion Center (GIPC), an Executive Business Roundtable on the margins of the United Nations General Assembly (UNGA) in September this year. The U.S.-Ghana Executive Business Roundtable will be chaired by H.E Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana and will serve as a platform to improve the commercial ties between the U.S. and Ghana.

The U.S. and Ghana enjoy a long history of cooperation. With over $1.2 billion in trade volume, the U.S is one of Ghana’s largest trading partners. The U.S.-Ghana Executive Business Roundtable will provide another opportunity for both countries to collaborate on a wide range of sectors, including energy, transport, agriculture, digital economy, industry and finance. The Executive Business Roundtable will gather captains of U.S. industries, with interest in Ghana, to foster partnerships geared towards expanding business activities, trade and investment between both countries. As H.E Nana Addo Dankwa Akufo-Addo work towards his Ghana Beyond Aid agenda through initiatives like One Distict, One Factory, opportunities abound for U.S and Ghanaian companies to work together towards achieving the President’s vision for Ghana. Through this roundtable, business leaders from both countries will explore a number of avenues to best contribute to Ghana’s path towards development and prosperity for its people.

The Roundtable will culminate into the signing of an MOU between the U.S. Chamber of Commerce and the Ghana Investment Promotion Center, which will be witnessed by H.E. Nana Addo Dankwa Akufo-Addo. Participants will also have the opportunity to engage with government officials to discuss issues of common interest and explore new business opportunities. To sustain this effort and improve the commercial relationship between the two countries, the U.S.-Africa Business Center and its partners in Ghana will develop a program of activities, including a Business Forum to be organized every year, alternating venues between Ghana and the United States.