Trade Minister sells Ghana’s industrialization agenda to US investors

Mr. Kobina Tahir Hammond, Ghana's Minister of Trade and Industry, has called on United States (US) investors to consider mutually beneficial trade ventures with Ghanaian counterparts, emphasizing the government's industrialization agenda as a promising avenue for partnership.

During an official visit to Washington, DC, Minister Hammond highlighted the potential for collaboration, citing the government's flagship One District, One Factory (1D1F) initiative as a prime opportunity for US businesses. He underscored the attractive incentive packages available under the program, encouraging US investors to explore participation.

In meetings with the Corporate Council on Africa (CCA) and the US Chamber of Commerce, Minister Hammond sought to familiarize himself with the priorities of these entities and explore opportunities for collaboration and support. He specifically mentioned the government's encouragement of garment manufacturers to set up operations in Ghana, citing successful examples such as Dignity DTRT.

Expressing concern about the impending expiration of the Africa Growth and Opportunity Act (AGOA), Minister Hammond urged the US Chamber of Commerce to advocate for its renewal. AGOA, enacted in 2000, provides duty-free access to the US market for eligible sub-Saharan African countries, bolstering economic growth and fostering US-Africa trade relations.

President and CEO of the Corporate Council for Africa, Ms. Florizelle (Florie) Liser, highlighted the longstanding relationship between her organization and Ghana, noting Ghana's significant presence at the Annual US-Africa Business Summit. She emphasized the importance of AGOA to Ghana's export sector and assured Minister Hammond of ongoing advocacy efforts for its extension.

At the US Chamber of Commerce, Senior Vice President Mr. Rick Wade discussed the “Advance with Africa” initiative, aimed at encouraging US investment in Africa, particularly in Ghana. Dr. Guevera Yao, Vice President of the U.S.-Africa Business Center, highlighted the Biden Administration's prioritization of engaging the African diaspora to drive transformation on the continent.

The Corporate Council on Africa (CCA) serves as a platform for advocating US trade and investment in Africa, while the US Chamber of Commerce actively promotes business ties between the US and Ghana, reflecting a shared commitment to fostering economic growth and development.