A delegation from the Greater Memphis Chamber of Commerce in the United States of America (Memphis, Tennessee, U.S.A.) was in Ghana to explore economic opportunities and build strong culture ties.
The visit follows a partnership agreement signed between the Ghana National Chamber of Commerce and Industry (GNCCI) and the Greater Memphis Chamber. The agreement seeks to promote trade collaborations relating to economic development and commerce between the Greater Memphis Chamber and GNCCI.
The event created new economic opportunities and partnerships while also promoting cultural exchange, allowing both entities to expand their businesses through international trade – exporting and importing goods and/or services.
A key objective is to deepen the understanding of the Ghanaian and West Tennessee business communities, histories, customs, and highlight mutually beneficial strategic initiatives. Discussion were centered on economic development opportunities and business alliances with Ghanaian business operators.
Mr. Mark Badu-Aboagye, the Chief Executive Officer of GNCCI, in a presentation to the delegation, said the Chamber would collaborate with their counterparts in the areas of manufacturing, agriculture, ICT, financial services sector and mining, oil, and gas sectors. “Ghana’s vibrant private sector, largely dominated by micro, small and medium businesses, constituted over 90 percent of all registered businesses, contributing about 70 per cent to GDP and 80 per cent of manufacturing jobs” he said.
The CEO indicated that, the Ghanaian private sector, among other things, continue growth and reduced poverty through the provision of employment opportunities and better standards of living. “There is a strong collaboration between the private sector, government and international partners to ensure sustainable economic growth of businesses in the country” he added.
He said the Ghana Private Sector would need support in funding and collaboration to develop, grow the small medium enterprises to contribute to the development of the country.
Mr. Badu-Aboagye stated that the Ghana has a good economic, stable political, legal, policy, and regulatory environment, as well as a social and demographic environment, and that Memphis would benefit from the broader African Market, which has a population of 1.3 billion people.
He further assured the delegation of the GNCCI’s commitment to promoting and protecting the private sector in the interest of shared growth and prosperity. “The Chamber has and will continue to influence government policies which will be to the benefit of the private sector while promoting the overall development of the Ghanaian economy,” he said.
Madam Susan Hadley Maynor, the Vice President, Economic Development of the Greater Memphis Chamber, said the delegation was in Ghana to learn about the Ghanaian economy and help establish trade partnerships. “The Memphis Area has a strong logistics and transportation, education, workforce development and the business sectors.”
She noted that, Memphis had experienced significant growth in the past couple of years with 1.35 million residents in the metro area, 68.6 billion in total real GDP and 643,000 people in the labour force and it is a host to 80 plus foreign-owned businesses that would get any investor the opportunity to invest.