American Chamber of Commerce Ghana launches AfCFTA Resource Center; commissions new office
The American Chamber of Commerce Ghana [AmCham] has launched for its members the African Continental Free Trade Area [AfCFTA] Resource Center.
The launching of the AfCFTA Resource Center done alongside the commissioning of a new office space for AmCham Ghana, is aimed at providing US companies in the country in-depth understanding about the implementation processes of the AfCFTA agreement as well as helping them navigate opportunities presented by the continental trade pact.
Speaking at the launch of the Center was US Ambassador to Ghana, Stephanie Sullivan who averred, “AfCFTA, when fully implemented, will represent the world’s largest free trade area, with 55 participating countries, covering 1.2 billion people and a combined GDP of $3.4 trillion. That’s why, with the opening of this new office, AmCham Ghana is also launching its AfCFTA Resource Centre – an effort to help U.S companies understand more about the implementation of the AfCFTA agreement.
“The Free Trade Area aims to significantly accelerate intra-Africa trade, using it as an engine of growth and sustainable development. Its implementation will affect U.S.-Africa trade relations and present immense opportunities for U.S. company trade and investment across the continent. And with this new Resource Center, AmCham Ghana will be there to help American companies navigate those opportunities.”
Further stating that, American companies that come to set up shops in Ghana, can use the new AmCham Ghana office facility as a temporary office and to conduct meetings with potential business partners and other local stakeholders.
“I know this new AmCham facility will serve as an anchor for U.S. and local companies alike as they seek to network, build partnerships, acquire technology and know-how, and find success in the marketplace.
“This move to a bigger and better facility in East Legon is proof the trade and investment relationship between Ghana and the United States continues to grow from strength to strength,” She added.
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Speaking to NorvanReports on the sidelines of the commissioning of the new office facility was President of AmCham Ghana, Ms Ayesha Bedwei Ibe, who noted that AmCham Ghana as part of its programmes to boost trade between Ghana and the US for next year – 2022 – will introduce the Investment Forum targeted at helping Ghanaian businesses invest in America.
“Going into 2022 one of the programmes to be looked at in terms of boosting trade between the two countries will be an investment forum where Ghanaian businesses can invest in America and that’s a first because most of the things we do as a country and even as a continent is focusing on inward investments, but I believe as a country businesses have what it takes to set up and do business in the US.
“So we will be looking at providing all the necessary support, logistics and resource persons to teach and show entrepreneurs of SMEs on how they can take their businesses to the next level and trade on the US continent,” she intimated.
The African Growth and Opportunity Act (AGOA)
Enacted in 2000, the United States’ African Growth and Opportunity Act (AGOA) which provides duty-free exports for African countries into the US market has been extended for four (4) more years.
The extension of the AGOA allows Ghanaian exporters to continue exporting duty-free goods into the US market.
Renewed confidence in the African Growth and Opportunity Act (AGOA) has resulted in an upward trend, with the country’s trade under the programme registering a total of $748 million last year, according to the Ghana National Chamber of Commerce and Industry (GNCCI).
The surge in performance reflects the collective efforts by government and other stakeholders including the Chamber in strengthening the country’s exports, after reaching its peak in 2011 with exports earnings of $779 million and subsequent decline in 2012, when it recorded $292 million.
Ghana’s performance under AGOA has been sustained by its broadly diversified exports to the USA in the areas of textiles and apparel, energy-related products, agricultural products, footwear, and minerals and metals.
The African Growth and Opportunity Act (AGOA) has been at the core of U.S. economic policy and commercial engagement with Africa. AGOA provides eligible sub-Saharan African countries with duty-free access to the U.S. market for over 1,800 products, in addition to the more than 5,000 products that are eligible for duty-free access under the Generalized System of Preferences program.
To meet AGOA’s rigorous eligibility requirements, countries must establish or make continual progress toward establishing a market-based economy, the rule of law, political pluralism, and the right to due process.
Additionally, countries must eliminate barriers to U.S. trade and investment, enact policies to reduce poverty, combat corruption and protect human rights.
By providing new market opportunities, AGOA has helped bolster economic growth, promoted economic and political reform, and improved U.S. economic relations with Ghana and other African countries.
