Money Will Follow Opportunity as Ghana Rebounds Economically- Acting U.S. Ambassador

Acting U.S. Ambassador to Ghana, Rolf Olson, delivered a sweeping and forward-looking address at a high-level American Chamber of Commerce–Ghana (AmCham) gathering in Accra, outlining the evolving U.S.–Ghana partnership, global policy shifts, and new opportunities in trade, technology, and energy development.

Olson, who has served as Chargé d’Affaires ad interim since May 2025, began by reflecting on the shared aspirations that tie Ghanaians and Americans together.

“It’s a desire to build and exhibit our skills as we seek to make the lives of our families better, and the hope that we can draw on the extraordinary natural resources of our countries to drive economic growth.”

PARALLEL POLITICAL MOMENTS SHAPING POLICY DIRECTIONS

Drawing a comparison between both nations, Olson noted that Ghana and the United States share similar election cycles—four-year presidential terms with two-term limits. He pointed out that:

“It was about this time last year, in both of our countries, that a former president was re-elected to office after a hiatus.”

This, he said, has ushered in significant policy changes in both countries.

Olson explained that President Trump’s administration is shifting U.S. foreign assistance toward a model that gradually places a larger share of responsibility on host governments. He said this aligns closely with President Mahama’s and President Obama’s long-standing calls for African self-sufficiency and expanded intra-African trade.

U.S. GLOBAL HEALTH STRATEGY QUOTES PRESIDENT OBAMA — A FIRST

He discussed the launch of the new U.S. Global Health Strategy, highlighting an extraordinary detail:

“Africa must no longer be the patient; it must be the architect and advocate of its own health destiny.”

Olson noted this quote from President Obama appears in the official U.S. strategy document — unprecedented recognition for a foreign leader.

BILATERAL TRADE NEARS $4 BILLION

Reaffirming the U.S. commitment to commercial diplomacy, Olson shared strong economic figures:

• U.S.–Ghana bilateral trade in goods and services reached nearly $4 billion in 2024.

• The U.S. aims to increase exports and investment across Africa to boost shared prosperity.

“Fundamentally, sustainable growth for both Ghana and the United States hinges on expanded trade and private investment.”

INFRASTRUCTURE: FROM DAMS TO DIGITAL FUTURES

Olson outlined the evolving nature of U.S. support for Ghana’s infrastructure:

• From iconic investments like the Akosombo Dam and George W. Bush Highway,

• To health, governance, and education systems,

• And now to modern digital infrastructure.

A key example is the Medusa Submarine Cable System, for which the U.S. Trade and Development Agency funded a major feasibility study.

This undersea cable, connecting up to 22 African nations, “will support internet expansion and the deployment of next-generation technologies, including artificial intelligence.”

NUCLEAR ENERGY: A NEW FRONTIER

Olson spotlighted collaboration on Small Modular Nuclear Reactors (SMRs) designed by U.S. firms NuScale and X-energy (Regmi). He emphasized their potential to:

• Expand reliable electricity generation

• Boost local minerals processing, particularly for aluminum and gallium

• Lower long-term energy costs for consumers

He praised the establishment of the SMR Simulator Training Center at Ghana’s School of Nuclear and Allied Sciences:

“U.S. tech comes with U.S. training. We want Ghanaians to own it, run it, and maintain it.”

He urged Ghana to finalize the civil nuclear 1-2-3 agreement, which would unlock private financing and position the country as a leading mineral processing hub.

GHANA’S ECONOMIC RECOVERY PRAISED — BUT REAL CHALLENGES REMAIN

Olson commended Ghana’s economic rebound:

• Inflation easing

• Investor confidence returning

• GDP growth improving

• Stronger macroeconomic stability

However, he cautioned that deeper reforms will determine long-term investor confidence.

CALLS FOR TRANSPARENCY AND EASE OF DOING BUSINESS

From extensive conversations with U.S. companies, Olson presented a clear message:

1. Open, International Competitive Tenders

“Transparency is the best friend of governments that seek to attract major international investment.”

He warned that opaque systems erode trust and discourage serious investors.

2. Faster, Predictable Administrative Processes

Delays in licenses, permits, customs clearance, and tax adjudication remain major concerns. Olson urged Ghana to publish clear timelines and standardized fees.

3. Balanced Localization Requirements

He stressed that rigid rules in mining and energy can deter investors.

4. Fair and Even-Handed Tax Enforcement

Ambassador Olson expressed concern about perceptions that U.S. companies are targeted for repeated audits.

“These actions threaten the sustainability of business operations… Enforcement must be even-handed across the board.”

“MONEY WILL FOLLOW OPPORTUNITY”

Olson concluded by emphasizing the competitive global landscape for investment:

“Those who decide where U.S. companies invest are guided by simple considerations: Will our investment flourish? Will the government make our work easier or harder?”

He celebrated Newmont’s recent $1 billion expansion at Ahafo North, calling it a testament to Ghana’s potential—if the right policies prevail.

The Acting Ambassador’s remarks underscored a clear theme: Ghana stands at a pivotal moment, with strong recovery underway and unprecedented opportunities in digital infrastructure, energy transformation, and trade. But unlocking the next phase of growth, he stressed, will require bold transparency, reliable governance systems, and continued commitment to partnership.