Alan Kyerematen - Minister of Trade and Industry
Alan Kyerematen - Minister of Trade and Industry

Strategic US investment in African agribusinesses key - Alan Kyerematen

The Minister of Trade and Industry, Alan Kyerematen, has advocated intensive investment in the agricultural sector as part of major plans to economically empower the African continent.

He called for enhanced US investment in selected strategic sectors such as agriculture and agribusiness, oil and gas, blue ocean economy and investment in light manufacturing industries, support for the development of infrastructure including roads, rail, port infrastructure and renewable energy.

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He urged African leaders and the US to identify key areas where transformation would be felt by the average African amid the global economic meltdown.

Mr Kyerematen said this during the recent summit of US- African leaders in Washington DC from December 13 to 15, 2022.

Summit

The U.S.-Africa Leaders’ Summit was anchored on the shared values of fostering new economic engagement; reinforcing the U.S.-Africa commitment to democracy and human rights; mitigating the impact of COVID-19 and future pandemics.

It also focused on working collaboratively to strengthen regional and global health; promoting food security; advancing peace and security; responding to the climate crisis; and amplifying Diaspora ties.

African Trade ministers used the opportunity to stage a round table discussion with US Members of Congress and other high-ranking officials, led by Ambassador Katherine Tai, the US Trade Representative.

They also used the platform to discuss continental matters with emphasis on the industrialisation agenda as confirmed by recent external shocks that threatened to ground most economies in Africa.

Mr Kyerematen also joined President Nana Addo Dankwa Akufo-Addo to attend a series of high-profile meetings and events including the meetings with the Managing Director of the International Monetary Fund (IMF) and the President of the World Bank Group.

He represented the President of the Republic at the National Black Chamber of Commerce Business Forum as well as the US Chamber of Commerce and Corporate Council on Africa’s Presidential Dialogue all in Washington DC.

Speaking on behalf of the US Government, Ambassador Tai highlighted the importance of US–Africa economic relationship in addressing current financial challenges and building a more resilient, sustainable and inclusive future.

AGOA

He reiterated the need for the two sides to work together to fulfil the African Growth and Opportunity Act (AGOA) promise to boost the productive capacity of the continent and to pursue equitable growth for all segments of both societies.

Central among the many areas discussed was the extension of the African Growth and Opportunity Act (AGOA), which is set to expire in September 2025.

The Ghana delegation has since returned home.

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