Scott Eisner, Vice President, American Chamber of Commerce (AMCHAM), has said that American companies’ investments in Ghana will soon soar as part of an agreement signed between ECOWAS and AMCHAM which seeks to redirect investments to West Africa.
Speaking to a cross-section of the media in Accra, Mr. Eisner said that the initiative is to liberalize trade between the West African region and the U.S which will eventually address some of the major challenges faced by member countries, especially Ghana, a country touted as the gateway to Africa.
“We have recognized that for a long time bilateral trade is important. Getting a regional community together in a functional way to deal with regulatory and trade impediments is first on our agenda.
The opportunity of trade in ECOWAS far outstrips that of other regions in Africa. So the initiative is to help US companies address some of the major challenges in the West African region,” he said.
The news comes as further attestation to the fact that investors’ confidence in the country remain high despite serious economic turbulence, notably a sharp depreciation of the cedi, high interest rates and an erratic power supply.
According to the Ghana Investment Promotion Council (GIPC), Foreign Direct Investment (FDI) inflows escalated to US$2.29billion, representing an 18 percent growth in the first nine months of this year. This comes as a result of 120 new projects registered within the period.
However, concerns have been raised about the volume of investment committed by the U.S compared to countries like China and Brazil, as figures show that the American investments over the years have dwindled.
Commenting on the issue, Mr. Eisner noted that the U.S business environment operates on a different module than those practiced in other countries.
He said: “The government in China, Brazil and others have direct influence on the private sector and sometimes directs them on where to invest.
However, that module is different in America because the American Chamber of Commerce is made up of the private sector and government cannot direct the businesses which countries they should invest.”
The American Chamber of Commerce (Ghana) is a voluntary association of professional and business people, working to create an environment where business can thrive between Ghanaian /American communities.
The Chamber exists to promote commercial, economic, educational and cultural ties between the United States of America and the Republic of Ghana, and to advance the general welfare and prosperity of the citizens of Ghana.
In particular, the Chamber aims to play a dynamic role towards the enhancement of the business community’s appreciation for, and hence achievement of Ghana’s economic growth objectives.