US to Invest $5.4bn in Four African Countries

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United States businesses are to invest over $5.4 billion in the four African countries, as part of efforts to expand American economic ties with the continent, United States Secretary of Commerce, Wilbur Ross has announced in.

“We are all here to demonstrate our support for what is going on in Ghana and in Africa. The agencies and businesses with me here have committed more than US$5.4 billion to expand commercial ties with four countries in Africa,” he announced in Accra, Ghana.

The four countries include Ghana, Ethiopia, Kenya and Cote d’Ivoire.

Mr. Ross, who is on a visit to Ghana with a 60-member delegation from the President Donald Trump ‘President’s Advisory Council on Doing Business in Africa’ (PAC-DBIA) and chief executives of private firms on a fact-finding mission, reiterated the US government’s commitment to expanding trade and investment ties with the continent.

“We are taking whole government approach to significantly deepen our commercial engagement with Africa and we hope to create new pathways for long-term trade and economic partnerships,” he noted.

He added, “High-quality infrastructure provided by US firms will serve as a firm foundation for Ghanaian economic growth and prosperity, it can help speed the achievement of the Ghana Beyond Aid strategy.”

Secretary Ross, however, emphasized that the U.S. government and American businesses will continue to demand transparency and accountability in their dealings with the continent.

“African nations should be extremely comfortable engaging with American companies. American firms operating in Africa are required to abide by an anti-corrupt practices act passed by the US Congress in 1977.

Everyone wins when there is fair and open competition on a level playing field with a transparent set of rules. We made this point clear in our ministerial meetings; we must fight corruption, it has no place in any democracy and no place in civil society,” he added

 

 

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