Ghana-US Signs New Agreement to Boost Economy

Ghana and the United States (US) have entered into a partnership to reinforce investment and economic cooperation for the mutual benefits.

President Nana Addo Dankwa Akufo Addo, met with the delegation led by the Secretary of Commerce, Mr Wilbur Ross at the Jubilee House, to further Ghanaian-US investment missions.

The Minister of Finance, Mr. Ken Ofori-Atta and the Mr. Ross signed the Memorandum of Understanding (MOU) on behalf of the two countries.

This agreement is expected to pave the way for Ghanaian businessmen and the government to interface with American businesses and federal agencies for economic prosperity.

Speaking to Journalists after the signing, Deputy Minister of Information, Mr Kojo Oppong Nkrumah said the MoU will see Ghana benefiting from huge investments into its economy by the US government.

According to him, the step was comparable to a similar investment entered by the Nkrumah administration some 60 years ago.

“60 years down the line, President Akufo Addo and the American government have entered into another big deal of this kind. This big deal is signified by an MoU that has just been signed today as part of the visit of the US Secretary of Commerce, Secretary Ross to Ghana.

“He (Wilbur Ross) is here in Ghana with the delegation of about 60 American business men and federal agencies, who are here to engage with the Ghanaian businesses and government communities on a number of business opportunities or joint investment opportunities,” Mr. Nkrumah said.

He added that the agreement would outline opportunities and see to it that both sides commit and jointly invest in the delineated opportunities.

Still addressing the press, the Deputy Information Minister said, the exploitable opportunities would cover 11 sectors of the economy including agriculture, industry, infrastructure and energy.

He said “We are looking to some more American organisations to take spots particularly, in the upstream petroleum sector.”

Mr Nkrumah added that, “for all of these things that we are jointly doing or we will be doing with them, the idea is to speed up our rate of growth to ensure that there a lot of jobs, that wealth is created in there, and eventually we are able to transform our society using instruments such as this.”

Prior to the US visitation, the US Secretary of Commerce, Wilbur Ross announced on June 19, 2018 that he would lead a delegation from President Donald Trump’s Advisory Council on Doing Business in Africa, on a fact-finding mission to Ghana.

The visit is expected to deliver an opportunity for the delegation to gather insight into market opportunities and challenges faced by US businesses in the fast-growing Ghanaian economy.

By: Grace Ablewor Sogbey/ [email protected]