Ghana trade minister calls for strategic US investment in African agribusinesses

Ghana trade minister calls for strategic US investment in African agribusinesses
Published date:
Tuesday, 20 December 2022

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

The Minister made this pronouncement during the recent summit of US- African leaders in Washington DC.

The US-Africa Leaders’ Summit was anchored on the shared values of fostering new economic engagement; reinforcing the US-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; promote food security; advance peace and security; respond to the climate crisis; and amplify 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 industrialization agenda as exposed by recent external shocks that threaten to ground most economies in Africa.

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

Ambassador Tai reiterated the need for the two sides to work together to fulfill AGOA’s 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.

Mr Kyerematen, in his speech at the roundtable, called for the need 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.

He urged African leaders and the United States to identify key areas whose transformation will be felt by the average African amidst the global economic meltdown.

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

He represented the President 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.

 

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