Ghanaian businesses are set to showcase their fullest potential at the ongoing US Ghana Business Summit and Expo as they engage United States companies and strike new deals at the 2nd US Ghana Business Summit and Expo in Philadelphia.
The President of the US-Ghana Chamber of Commerce in Philadelphia, Florence Torson-Hart, lauded the event, while describing it as an unbridled platform for attendees to chart a new path and build lasting synergies that will have a positive impact on bilateral trade between the two countries while enhancing their businesses.
Ms Torson-Hart noted that the chamber is leaving no stone unturned as it has put in place what she described as a very robust agenda.
“For example we will be traveling to two states and holding deep business and stakeholder discussions with the numerous Chambers of Commerce and business institutions. We also have the opportunity to visit the manufacturing plants of High Companies who are leaders in manufacturing, construction and real estate. This company built the replacement bridge for the Tappan Zee Bridge (the Largest Transportation Design-Build Project in the US) in New York City.”Florence Torson-Hart
Ms Torson-Hart indicated delegates will also visit Case New Holland Industrial that makes world class equipment and technology for agriculture and construction. “ShopRite has also partnered to offer a pop up shop for Ghanaian products and retail opportunities thereafter. The individual companies in Ghana have chosen to take advantage of this partnership.” She added.
An initiative of the US-Ghana Chamber of Commerce, Philadelphia, the event which opens from today September 12 to September 17, is meant to among other things help to deepen discussion and relationship with critical institutions that facilitate international business development and cooperation.
Modelled around the concepts such as the World Affairs Council, African Caribbean Business Council and World Trade Centre of Delaware, the annual event comes at a time when Ghanaian businesses and trade institutions are seeking credible collaborations and partnerships to scale up in the wake of the challenging economic environment in the country.
Ghana-US Bilateral Trade
Last year, Ghana, US bilateral trade in goods totalled $3.7 billion – an all-time high with bilateral trade in services also growing as well. The U.S. is Ghana’s largest bilateral development partner. In 2022, US bilateral assistance totalled over $150 million with programmes in health, economic growth, agriculture, education, human rights, governance and security.
Last year, the U.S. Government provided over $32 million in agricultural assistance in Ghana. More recently, the U.S. Development Finance Corporation announced new support for $25 million in financing for micro, small and medium sized enterprises in the agricultural sector in Northern Ghana.
The United States recently announced a $300 million investment in data centres in Africa, including Ghana, and the Export-Import Bank of the United States has also authorised $1.6 billion for infrastructure investments in Africa.
Presently, there are more than 100 U.S. companies and brands active in the Ghanaian marketplace in most major segments of the economy. They are invested in key sectors, including energy, mining, agro-processing, ICT, healthcare, food packaging, and consumer goods, among others.
Meanwhile, to make Ghana a welcoming environment for this investment, there are indications that US companies like other investors are looking for contract sanctity, independent courts, freedom from corruption, regulatory predictability, payment of government arrears and consultation on new localisation and other requirements.
With this, it is expected that the public sector leaders attending the business summit and expo will use their engagements to reassure American businesses that Ghana is ready for a new phase in spite of the major economic challenges that have bedevilled its economy.