Simon Madjie, AmCham Executive Secretary
The American Chamber of Commerce in Ghana (AmCham) is optimistic that its choice to house the African Continental Free Trade Deal (AfCFTA) Resource Centre at its office will encourage more American companies to collaborate with Ghanaians to benefit from the agreement.
As part of its operations, the Chamber decided to establish a resource centre to provide guidelines and guidance to American businesses looking to grow their operations on the African continent through the AfCFTA.
According to data from the AfCFTA secretariat, when fully implemented, the agreement will cover 1.2 billion people and have a combined GDP of US$3.4 trillion, making it the world’s largest free trade area.
In an interview with the media, AmCham’s Executive Secretary, Simon Madjie, described the resource center’s establishment as a realistic effort to meet the high volume of inquiries received after the AfCFTA went into effect.
He said that the amount of interest demonstrated by American companies is tremendous, indicating that American investors are preparing to join with local companies to reach the entire African continent.
“For us at AmCham, this is just a timely move to create that conducive environment for U.S businesses asking questions about the AfCFTA and how they can enter into partnership deals with Ghanaian businesses to take advantage of the agreement,” he said.
Increased investor
Mr Madjie believes that the number of US investors in Ghana will increase in 2022 as a result of the global recovery from the COVID-19 pandemic.
“COVID-19 caused a global financial slowdown, leaving practically all investors uncertain about the future. Now, I’m sure you’ll agree with me that things are settling down and we’re gradually returning to normalcy,” he said.
He intimated that certain American companies have already showed interest in collaborating with Ghanaians in the agro-processing and manufacturing sectors.
New office
Meanwhile, US Ambassador to Ghana Stephanie Sullivan stressed the significance for Ghanaian firms to see the AfCFTA as a game-changer that could make Ghana the gateway to African commerce and investment during a ceremony to launch a new office for AmCha in Accra.
“The AfCFTA has the potential to be a game-changer, not only for doing business across the continent but also for how the rest of the world thinks of Africa. It can truly make Ghana a gateway for the African market. U.S. companies already see the opportunity,” Ambassador Sullivan s
She said that Ghana’s political stability, security, increasing middle class, and new role as home of the AfCFTA secretariat are attracting more American enterprises looking for growth prospects on the continent.
The time is right for the AfCFTA to deliver on its promise of growing intra-regional commerce and attracting additional foreign direct investment, according to Ambassador Sullivan.
She insisted that the AfCTFA’s adoption will have a significant impact on US-Africa economic relations and create enormous potential for US companies to trade and invest throughout the continent.
This, she said, will significantly accelerate intra-Africa trade, becoming an engine of growth and sustainable development.
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