Businesses urged to explore opportunities within US market
GHANAIAN businesses are being encouraged to explore opportunities within the expansive United States (U.S) market and invest.
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This would not only help Ghanaian companies diversify the goods and services they provide but build their international brand and generate earnings in dollars.
The US Ambassador to Ghana, Virginia Palmer, who gave the advice at an Investment Breakfast Meeting organised in Accra last Tuesday said “the United States has been the number one global destination for Foreign Direct Investment (FDI) for the last 10 years.
The market for FDI is extremely competitive and we are proud that the United States continues to lead the way.”
The meeting organised by the American Chamber of Commerce (AmCham) in partnership with the U.S. Embassy Ghana, brought together businesses that were taken through the benefits of the U.S. market and some U.S. government services available to potential Ghanaian investors.
Attractive consumer market
Ms Palmer said: “The United States remains the world’s most attractive consumer market with an annual Gross Domestic Product (GDP) of $20 trillion and a population of over 330 million.
The U.S. economy has been resilient, reshaping supply chains, adding more than 2.7 million jobs in 2023, and reaching 3.3 per cent growth.
“I know Ghana has seen higher growth numbers in recent years, but 3.3 per cent is a high number for a big economy like ours.”
She further explained that the U.S. maintained a conducive business environment, characterised by strong property rights, intellectual property rights and a commitment to contract sanctity.
These factors, she said, collectively enhance investor confidence and foster a favourable climate for business operations.
Strengthening ties
Ms Palmer said: “As many of you know from your travels, business contacts and friends and relatives in the United States, the U.S. economy is incredibly diverse”.
“The breadth of our economy means that there is an industry sector somewhere in the country for any investor to explore,” Ms Palmer said.
She said: “Many of our industries are complementary to that of Ghana, whether food processing, personal care products, energy, ICT, or logistics.”
Ms Palmer singled out Niche Cocoa, saying the company’s landmark investment in 2022 was the largest African food processing investment in the United States.
“Niche is exporting Ghanaian cocoa and taking advantage of local U.S. diary inputs in Wisconsin.
By being closer to its industrial customers in the United States, Niche can respond to their needs for intermediary products. Niche is also selling its branded chocolate bars directly to our massive U.S. consumer market,” she said.
