US shares in Ghana’s development aspirations – Ambassador

The United States (US) has said it shared in Ghana’s vision to harness its resources and capacities to drive its own economic and social development agenda without relying on the generosity of development partners.

Ms. Stephanie S. Sullivan, the US Ambassador to Ghana, who stated this, said “investment-led growth and increasing bilateral trades are both in our nations’ interests”.

For that reason, she said, her top priority as an Ambassador was to support the creation of an enterprise-driven economy through increased trade and investment in a secured, predictable and transparent environment.

Ms. Sullivan, who was addressing a forum at the Kwame Nkrumah University of Science and Technology (KNUST) Business School in Kumasi, stressed the need for Ghana to see to it that the country’s laws and policies attracted investment.

The necessary measures ought to be put in place to enable the private sector to thrive.

“It is important to note that potential investors vote with their feet based on how countries confront corruption and improve government transparency and accountability,” the Ambassador pointed out.

She indicated that American company representatives seeking to invest in Ghana were attracted by the stability and democratic credentials of the West African country.

“They are drawn by the government’s commitment to make the country a more attractive destination for investment by improving the business climate and supporting entrepreneurship,” Ms. Sullivan emphasized.

She hinted that the US Trade and Development Agency, as well as US Export-Import Bank were working to provide financing for projects, especially in Ghana’s energy and health sectors.

The Ambassador cited an agreement between the Export-Import Banks of the US and Ghana to provide local businesses up US$300 million in financing on more competitive terms – to expand their businesses through importing American equipment and technology.

The long term effect is to boost Ghana’s industrialization and economic diversification.

Professor Nathaniel Boso, Dean of the KNUST Business School, lauded the US for giving Ghanaian students educational opportunities to build their capacity for the society’s growth.