Biden-Harris Administration prioritizes American SMEs’ access to African Markets, says Under Secretary Lago

Marisa Lago, the Under Secretary of the U.S. Department of Commerce, has underscored the immense prospects for heightened commercial collaboration between the United States and Africa. With Africa’s population growing at a breakneck pace and its potential as an expansive free trade arena, Lago’s pronouncement reverberated with optimism about fostering deeper economic ties.

Stepping onto the stage at the U.S.-Ghana Business EXPO 2023, themed “Leveraging U.S.-Ghana Trade Relations for Growth and Prosperity,” Lago articulated that the Biden-Harris Administration and the Department of Commerce have rallied behind the cause of providing resources, programs, and avenues for American small and medium-sized enterprises (SMEs). Of particular focus are those hailing from historically underserved communities, as these initiatives aim to facilitate their foray into the African markets through trade.

Lago’s trailblazing U.S. Trade Mission showcases a dynamic ensemble of American companies and organizations spanning the spheres of information and communication technology (ICT), consumer goods, and automotive domains. These sectors, she contended, bear the imprint of substantial potential to augment commercial cooperation.

Noteworthy also is the incorporation of prominent African American-led business chambers of commerce in the United States, alongside instrumental bodies such as the Organization of Women in International Trade and the National Center for American Indian Enterprise Development.

Lago eloquently conveyed the robust appetite of the U.S. business community for engagement with Ghana. The resounding response materialized in nearly 200 companies keen to participate in the U.S. Trade Mission for the U.S.-Ghana Business EXPO 2023. She lauded Ghana’s commendable initiatives, including the Year of Return and a spectrum of people-to-people interactions, as expressions of hospitality towards Black Americans and U.S. businesses.

“We appreciate the tremendous efforts that the Ghanaian government has made to welcome hundreds of thousands of Black Americans and U.S. businesses—be it through campaigns like the Year of Return, diaspora business roadshows to the United States; or the numerous people-to-people initiatives, visits and exchanges between our Chambers of Commerce, state and city government officials, and business communities,” she noted.

The current landscape boasts more than a hundred U.S. enterprises and brands with their stakes invested or firmly entrenched within Ghana. These economic contributors span a spectrum of sectors, ranging from telecommunications, mining, and financial services to oil and gas, artificial intelligence, hospitality, food processing, and education. Their strategic foothold translates into vital infrastructure, export revenues, and gainful employment opportunities for the Ghanaian populace.

As the world grapples with the aftermath of the pandemic, the trajectory of U.S.-Ghana trade charts an upward ascent. Lago’s vision is expansive, encompassing a diversified array of goods and services exchanged, notably extending to personal care products and apparel.

“Zooming out, emerging from the pandemic, total U.S.-Ghana trade has been on an upward trajectory. As our trade and investment relationship matures and continues to grow, we look forward to broadening the types of goods and services that we exchange, such as personal care products and apparel,” she stated.

In the midst of multifaceted crises capable of dampening economic vibrancy, Lago underscored the paramountcy of nurturing business ecosystems that actively foster entrepreneurship, innovation, investment, and seamless trade. The impending discussions with Ghanaian counterparts augur well for the confluence of aspirations, with the mutual objective of fostering a conducive business milieu and catalyzing escalated trade and investment.

“I look forward to my discussions this week with my counterparts in the Government of Ghana and the private sector on how we can work together on our shared objectives of improving the business environment and facilitate increased trade and investment,” she added.

The U.S.-Ghana Business EXPO served as the platform to amplify the resounding accord between the United States and Ghana, underpinned by an unwavering commitment to invigorate economic partnerships and propel mutual prosperity.