Govt woos US investors into critical sectors

The government has identified some critical sectors in which it seeks partnerships and investment to grow and transform.

These include the tourism and creative arts, agricultural and agro-processing, manufacturing and industrialisation, renewable energy and technology and digital transformation.

The Minister of Tourism and Creative Arts, Dzifa Abla Gomashie, disclosed this when she addressed a packed audience of potential US investors and Ghanaian businesses at the 3rd US-Ghana Business Expo Roundtable and B2B matching via Zoom in Lancaster, Pennsylvania, USA.

An initiative of the US-Ghana Chamber of Commerce, Philadelphia, in collaboration with the US Commercial Service, Association of Ghana Industries (AGI), the Ghana National Chamber of Commerce and Industry (GNCCI), Graphic Business, Temple University, Philadelphia, and Millersville University, Lancaster, among others, the event was meant to, among other things, serve as a major platform for scores of Ghanaian businesses to discuss business opportunities with their US counterparts in various sectors.

It also offered the opportunity for Ghana government officials to aggressively market to potential US investors, opportunities in key sectors of the economy which will be anchored on the government’s flagship transformative agenda dubbed 24-hour Economic Strategy.

Sector opportunities

Ms Gomashie, in breaking down the sectors one after the other, said for the tourism and creative arts development, for instance, Ghana's breathtaking natural landscapes, rich cultural heritage and thriving hospitality industry offer enormous investment potential.

“Initiatives such as the "Year of Return" and "Beyond the Return" have significantly increased international interest, leading to expanded investment opportunities in hotels, resorts, ecotourism and heritage tourism sites and facilities to support the creatives, such as state-of-the-art recording studios and theatres,” she added.

On agriculture and agro-processing, she said Ghana’s agricultural sector presents a wealth of opportunities for investment in value addition, sustainable farming practices and agribusiness innovation.

“By supporting agro-processing industries, we can create jobs and increase exports, ensuring food security and economic growth,” she said.

Regarding manufacturing and industrialisation, she said the establishment of factories in every district of the country offers US investors the chance to establish production facilities in Ghana.

“This programme supports industrialisation efforts by promoting manufacturing in various districts, creating employment and boosting exports,” Ms Gomashie said.
In the area of renewable energy, the minister said Ghana is committed to sustainability and green energy.

For instance, she said, “Investments in solar and bioenergy can help meet the country’s growing energy demands while reducing carbon footprints. Opportunities exist for public-private partnerships in this sector.”

With technology and digital transformation, Ms Gomashie said Ghana is rapidly advancing in the digital space, making it an ideal destination for ICT investments.

“The expansion of fintech solutions, digital infrastructure and artificial intelligence applications presents unique opportunities for investors seeking to drive technological transformation in Africa,” she noted.

In the area of infrastructure development, she was emphatic when she noted that with the African Continental Free Trade Area (AfCFTA) Secretariat headquartered in Accra, Ghana is well-positioned as a commercial hub for businesses looking to access a market of 1.4 billion people. 

“Investment in roads, ports, housing and smart city initiatives will further enhance Ghana’s economic potential,” she said.

Two-nation values

Ms Gomashie was optimistic about the potential and opportunities and noted that the longstanding relationship between Ghana and the United States is built on mutual respect, shared values and strong economic cooperation.

“The US remains one of Ghana’s top trading partners, and initiatives such as the US-Ghana Business Summit and Expo serve as critical platforms to reinforce our economic ties,” she said.

Through bilateral agreements, trade facilitation and investment-friendly policies, we can deepen our collaboration in key sectors such as infrastructure development, digital transformation and capacity building. 

The establishment of the US-Ghana Chamber of Commerce is a testament to our commitment to fostering an environment where businesses from both nations can thrive,” she added.