Minister of Trade and Industry, Mr Alan Kyerematen and the United States (US) Ambassador to Ghana, Virginia E. Palmer have met to discuss the US’ support for some of government’s projects.
The team discussed the Millennium Challenge Corporation (MCC) Regional Compact support for Ghana’s Industrial Parks, the One District One Factory (1D1F) initiative and US EXIM Equipment financing credit facility, utilizing the African Growth and Opportunity Act (AGOA) and the African Continental Free Trade Area (AfCFTA).
Mr Kyerematen tweeted on Saturday August 20 after the engagements that “I welcomed US Amb. to Ghana Virginia E. Palmer, & her team to discuss Millennium Challenge Corporation’s Regional Compact support for Ghana’s Industrial Parks, 1D1F Initiative & US EXIM Equipment financing credit facility, utilizing AGOA & #AfCFTA Future is bright for Ghana-U.S.”
Through the $316 million compact, the MCC is helping the Government of Ghana improve the power sector through investments that will provide more reliable and affordable electricity to Ghana’s businesses and households.
The United States is among Ghana’s principal trading partners, with bilateral trade between the two countries reaching $1.2 billion in 2015. While Ghana has experienced strong economic growth over the past 10 years, the power sector has not kept up with increasing demand from businesses and consumers, holding back Ghana’s potential for private investment.
In June 2021, MCC and the Government of Ghana amended the compact to mitigate implementation delays due to the COVID-19 pandemic.