Ghana, in collaboration with the American Chamber of Commerce, the U.S. Embassy in Ghana and the U.S. Commercial Service, has successfully launched its maiden Business expo in Accra. The Expo brought together key industry stakeholders, entrepreneurs, government officials and business leaders from both nations to explore opportunities, exchange ideas and forge strategic partnership.
The two-day program under the theme: Leveraging U.S-Ghana Trade Relations for Growth and Prosperity” is aimed at providing a platform to foster bilateral trade collaborations and economic growth between both nations. The opening ceremony was graced by high level delegations from the U.S led by the Under Secretary of Commerce for International Trade, H.E Marisa Lago, the Ambassador H.E Virginia E. Palmer and Ms. Ayesha Bedwei Ibe President of the American Chamber of Commerce.
The Minister of Trade and Industry, Hon. Kobina Tahir Hammond is his speech reiterated the Ghana’s efforts in stepping up support for the private sector, both domestic and foreign, to enhance production and export capacity, particularly in the manufacturing sector, with notable opportunities for export into the U.S. market, such as Horticulture, Textiles and Garments products. He said, government, in collaboration with industry experts, has formulated a Garments and Textiles Manufacturing policy and incentive framework to attract and facilitate targeted investment into the industry. This Policy according to him, will be announced before the end of 2023.
He added that the implementation of the AfCFTA Agreement leads to removal of tariff restrictions on trade across member countries, addresses some of the non-tariff barriers that have restricted trade between Member States of the African Union, and makes it easy to situate industrial production in different countries within Africa.
“The target market for the AfCFTA is estimated to constitute some 1.3 billion people, projected to rise to 1.7 billion by 2030, out of which about 600 million are the middle class. Aggregate GDP is estimated at 3.4 trillion United States Dollars and growth in intra-African trade is projected to increase by 52.3%” he added.
He therefore urged that concrete business deals including but not limited to some sectors would be initiated during the two-day events which is expected to further strengthen commercial relations between U.S. and Ghanaian businesses.
In her welcome address, Ambassador to Ghana, H.E Virginia E. Palmer, appreciated Ghana’s continuous efforts in promoting bilateral trade with the United States for the past decades. She stated that the trade relationship between both nations keeps improving from time to time. “Last year, our bilateral trade in goods totaled $3.7 billion, and our bilateral trade in services is growing as well. Our trade relationship and the more than 100 American companies active in the Ghanaian market support jobs and economic prosperity on both sides of the Atlantic. We look forward to the many new business relationships and connections the U.S.-Ghana Business Expo will generate.” She said.
The Under Secretary of Commerce for International Trade, H.E.Marisa Lago in her statement noted that the government of Ghana has enormously promoted business grown and showcase tremendous support in promoting trade and investment between Ghana and US for several which has led to growth in bilateral relation.