US investors table market concerns before Ghana’s Trade Minister

Mr Kobina Tahir Hammond, Minister of Trade and Industry, has asked the US Chamber of Commerce to formally present its concerns to the Ministry for redress.

He said this when he met with Dr. Guevera Yao, Vice President, U.S.-Africa Business Center of the U.S. Chamber of Commerce and Mr. Rick Wade, Senior Vice President of Strategic Alliances and Outreach also at the U.S. Chamber of Commerce.

Key issues raised in the meeting included government indebtedness to private businesses, alleged tax harassment and unfair tax assessments leading to unsustainable tax obligations, lack of clarity on import/export restriction bill, and alleged lack of transparency in bidding for 5G network deployment.

The meeting occurred during an official visit to Washington, D.C, where the Minister also visited the offices of the Corporate Council on Africa (CCA).

“The Minister expressed his appreciation to the Chamber for bringing these issues to his attention and has requested a comprehensive write-up outlining these issues so he can take a closer look at them.

“On the issue of 5G network, the Minister assured the meeting that he would inquire from his colleague Minister in charge of Communications as to what the situation is,” a statement released by the Trade Ministry indicated.

He also expressed concerns about the expiry of the African Growth and Opportunity Act (AGOA) and asked the Chamber to help push for the renewal of the Act.

The Minister also talked about Ghana’s prioritisation of industrialisation by indicating that the Ministry had decided to concentrate on the growth of industry as a key development approach for the country.

He also talked about the 10-Point Industrial Development Agenda as an all-encompassing agenda to include various sectors such as pharmacy development, component manufacturing and a vehicle assembly aimed at making Ghana a hub in West Africa for vehicle assembly.

He added that government was also encouraging garment manufacturers to come to Ghana and set up big manufacturing facilities, citing Dignity DTRT as an example of a garment manufacturer which had established a state-of-the art garment factory and had a linkage with an American company that is importing its garments.

Mr Hammond said the government was reviewing legal frameworks and incentives that could enhance the conduciveness of the investment climate.