Create partnership with Ghanaian businesses for mutual benefits – K.T Hammond tells US investors

The Minister of Trade and Industry, Hon. K.T. Hammond, has called on U.S business leaders to partner Ghanaian businesses in Ghana’s industrialization agenda for mutual benefits.

He cited government’s One District One Factory (1D1F) initiative as one of the potential areas of partnership that U.S. businesses could consider because the programme has very attractive incentive packages.

The Minister, who is on an official visit to Washington, D.C, made the call when he visited the offices of the Corporate Council on Africa (CCA) as well as the U.S. Chamber of Commerce.

In separate discussions with the two entities, the Minister said the purpose of the visits was to familiarize himself with the workings and priorities of the two bodies in order to explore opportunities for collaboration and support.

He added that government is also encouraging garment manufacturers to set up factories in Ghana, citing Dignity DTRT as an example of a garment manufacturer with well established state-of-the art garment factory that has a link with an American company that is importing its garments.

He expressed concern about the expiry of the Africa Growth and Opportunity Act (AGOA) and what the Chamber could do to help push for its renewal, as Ghanaian textile and garment dealers are very concerned about the impact the possible expiry of AGOA could have on their businesses.

The President & CEO of the Corporate Council for Africa, Ms. Florizelle (Florie) Liser, highlighted the longstanding relationship of her entity and Ghana, noting that the President Nana Addo Dankwa Akufo-Addo, had once being the guest of the Council.

She informed the Minister that the Annual U.S-Africa Business Summit, 2024 of the Council, will take place in Dallas, Texas, and that the President of the Republic had been invited.

She said a key feature of this year’s event is a collaboration with the Millennium Challenge Corporation (MCC) on a special 20th anniversary celebration on the margins of the summit in Dallas where they will be hosting former President George H.W. Bush, who established the MCC, of which Ghana was one of the earlier countries to have had a compact from the MCC.

On the Minister’s request for more advocacy on the extension of AGOA, she siad the Council had already engaged with Members of the House Ways and Means Committee, (which is the trade committee at the U.S. House of Representatives), on the subject and advocated for its extension.

She remarked that this is very crucial because about 3 years ago, Ghana doubled its exports of apparel under AGOA due to the establishment of the Tema textiles enclave, highlighting the importance of AGOA to Ghana.

At the meeting with U.S. Chamber of Commerce, Mr. Rick Wade, Senior Vice President of Strategic Alliances and Outreach at the U.S. Chamber of Commerce said the Chamber was working on an initiative dubbed “Advance with Africa”, a roadshow to reach out to the 2.6 million black-owned businesses in the U.S. to invest in Africa, particularly Ghana.

He assured the Hon. Minister that the U.S. Chamber of Commerce was ready to work with him to strengthen business ties between U.S. and Ghana.

On his part, Dr. Guevera Yao, Vice President, U.S.-Africa Business Center of the U.S. Chamber of Commerce touched on the importance the Biden administration places on the diaspora as a group capable of transforming Africa, saying the administration has set up the President’s Council on African Diaspora Engagement (PAC-ADE) tasked with giving the President advice on how to engage the diaspora to do more in Africa.

The CCA is a 30-year old Business Association whose members are both U.S and African companies, including SMEs and multinationals, and primarily advocates for U.S trade, investments and business with Africa, including Ghana.