Ghana Envoy Challenges U.S. Business to Tap New Opportunities in Africa

NORWALK, Conn. -- Now is the time for U.S. businesses to tap new opportunities in Africa, as governments there embrace free market economics after decades of ineffective state-controlled enterprise, said His Excellency Alan Kyerematen, Ghana's Ambassador to the U.S.

Addressing some 170 business and private supporters of Connecticut-based TechnoServe, a non-profit development organization, during its 34th Annual Meeting at Credit Suisse First Boston's headquarters in New York City, Ambassador Kyerematen cited the Africa Growth and Opportunity Act of 2000 as "landmark legislation" for Ghana and dozens of other African nations that have reformed their economies along open market lines.

"The government of Ghana wants to take advantage of this tremendous opportunity to create economic growth in our country," he said. "American business leaders and investors have to look beyond the news headlines and see for themselves that Africa can adapt quickly to embrace market globalization. At the same time, you should recognize that each incremental dollar of economic activity releases someone from poverty to become a productive force," he said.

Noting that most of Ghana's population, like other African countries, live in poor, rural areas, the Ambassador praised TechnoServe for its focus on helping entrepreneurs in Ghana to create sustainable businesses that either employ the rural poor or create a market for rural producers, and for its work to mobilize the U.S. private sector.

"We are rich in human and natural resources," the Ambassador said. "But in order to create sustained economic growth, Africa needs increased access to export markets, entrepreneurs capable of building solid businesses that can supply these markets, and the capacity to fully utilize information technology. TechnoServe is one of the organizations that is helping us to meet these challenges."

Ambassador Kyerematen also recognized TechnoServe's initiatives to promote business social responsibility in Africa, citing the Africa Leadership Initiatives, their new joint venture with the Aspen Institute's Henry Crown Fellowship Program.

"We are implementing business solutions to rural poverty -- in both African and Latin America -- as a way to create economic growth and provide jobs, income and opportunity to millions of poor but hardworking people," said Peter A. Reiling, TechnoServe's President and CEO. In addition to the Africa Leadership Initiative, TechnoServe has also launched a Business Leadership Council, comprised of executives from companies operating in Africa and Latin America, to devise new ways of accelerating economic development.

About TechnoServe

TechnoServe was founded in 1968 by Connecticut businessman Edward P. Bullard as a not-for-profit overseas development organization. It is headquartered in Norwalk, CT., with offices in Washington DC and the UK, and employs some 300 staff in 10 African and Latin American countries. More than 80 percent of its annual budget of approximately $16 million is invested directly in programs to provide jobs and income for the rural poor.

As a non-profit 501(c)(3) organization, TechnoServe receives 70 percent of its funding from the U.S. Agency for International Development and the U.S. Dept. of Agriculture. The balance comes from corporations, foundations and 16,000 individual donors.

In a 2001 survey published by Worth magazine, TechnoServe was selected as one of "America's 100 Best Charities."