Alan Kyeremanten speaking at the event
Ghana and United States (US) have started discussions to deepen bilateral relations to assist the New Patriotic Party (NPP) administration to achieve its ‘Ghana Beyond Aid’ agenda.
The two countries began the discussions at the maiden US-Ghana Business Forum on Thursday in Accra.
It’s a high-level meeting of US and Ghanaian businesses aimed at deepening bilateral and commercial engagements.
Themed: ‘Strengthening US.-Ghana Commercial Partnerships Towards a Ghana Beyond Aid,’ the forum sought to strengthen trade and promote business opportunities between U.S. and Ghanaian companies in infrastructure, railway, technology and renewable energy.
They focused on improving the investment climate in both countries by modernizing their customs, addressing regulatory challenges in the two nations’ capital markets, promoting the growth of the digital economy in Ghana.
Speaking at the forum, Minister of Trade and Industry, Alan Kwadwo Kyeremanten, expressed the hope that President Donald Trump would fashion out a major trade and investment initiative to support economic development of Ghana and Africa.
He used the opportunity to explain the ‘Ghana Beyond Aid’ agenda to the US delegation, led by Wilbur Ross, US Secretary of Commerce.
Mr. Kyerematen further told the delegation that the current NPP administration was making economic gains after inheriting an ailing economy from the erstwhile Mahama administration.
According to him, government has been able to grow the country’s Gross Domestic Product (GDP) from 3.7 percent in the first quarter of 2017 to about 8.5 percent in 2018, reiterating that inflation declined from 15 percent at the beginning of 2017 to a single digit in 2018.
He noted that moving ‘Ghana Beyond Aid’ involves increasing investments in the agricultural sector through the ‘Planting For Food and Job’ and One District, One Factory policies, which would promote industrialization in the country.
Under Utilizing AGOA
The Minister, however, said that countries on the continent have not really taken advantage of the African Growth and Opportunity Act (AGOA) in their trading relations with the US.
‘Ghana Good For Business’
Ghana and US recorded trade volume of $1.2 billion and Foreign Direct Investment (FDI) of $2.2 billion in 2016.
President of the American Chamber of Commerce Ghana, Joe Mensah, in his welcome remarks, observed that “Ghana is indeed good for business.”
He said, “Africa is the continent of the future with great opportunities for USA companies. Ghana’s future is exceptionally bright.”
In attendance were former Finance Minister, Seth Terkper, Deputy Trade and Industry Minister, Robert Ahomka-Lindsey, representatives of the US Embassy to Ghana, captains of industry from both countries.
By Melvin Tarlue