We want more Ghanaian exports in US market – trade minister
Mr. Kobina Tahir Hammond, Minister of Trade and Industry, says Ghana desires to increase its exports to the United States (US) market, arguably the most lucrative consumer market globally.
He indicated that the Government had stepped up support for the private sector, both domestic and foreign, to enhance production and export capacity, particularly in the manufacturing sector, with notable opportunities for export into the U.S. market.
The Minister made the remarks at the 2023 Ghana-US Business Expo which was held on the theme, “Leveraging Ghana-US Trade Relations for Growth and Prosperity.”
The event, an initiative of the American Chamber of Commerce in Ghana, the Ghana Embassy in Washington, and the US Embassy in Accra among others, sought to provide a platform for fostering bilateral trade collaborations and economic growth between Ghana and the United States.
It brought together stakeholders that included government officials, industrialists, and technocrats to exchange ideas, explore opportunities and form strategic partnerships.
The Minister urged Ghanaian manufacturers with capacity to export to take advantage of existing trade agreements including the African Growth and Opportunity Act (AGOA) and explore opportunities in the US Market.
“We believe that this (increased in Ghanaian exports to US) can be achieved through increased investment from the U.S, especially in respect of harnessing the considerable and largely untapped U.S. market opportunities offered under the African Growth and Opportunity Act (AGOA) and the Prosper Africa Initiative of the U.S. Government,” he said.
Madam Marisa Lago, the US Under Secretary of Commerce for International Trade, said both countries must strive to identify, reduce, or eliminate barriers that serve as inhibiting factors to improving trade and investment.
“Given the variety of crises occurring that can stifle economic activity, it is important to ensure that business environments continue to support and foster entrepreneurship, innovation, investment and trade,” she said.
Madam Virginia Palmer, the Ambassador of the US to Ghana observed that US companies have been at the forefront of development in many sectors of the Ghanaian economy especially in areas such as telecommunications, mining, energy, food processing and packaging.
She noted that these companies together with their local private sector counterparts have a critical role to play towards Ghana’s path to growth and economic recovery despite navigating through a difficult macroeconomic environment during the past year.
Under the AGOA trade preferences Ghana can export more than 6500 products to the US duty free.
In 2022, total trade in goods between the two countries reached a record high of $US3.7 billion with Ghana earning 2.7 billion from it exports and recording a US$1.8 billion trade surplus.
Currently there are more than 100 US companies and brands operating in the Ghanaian Market.
Ghana in 2021 received $421 million while in 2022 Ghana received US$1.5 billion.
Read related news articles
'Nigeria missing as Kenya, Ghana tap AGOA opportunities to boost foreign exchange earnings'
Africa’s biggest economy is still failing to tap the opportunities that the African Growth and Opportunity Act (AGOA) present to boost its foreign exchange, amid acute dollar shortages. The AGOA has been on for over twenty-three years as it was enacted in 2020. In 2015, the program was modernised and extended to 2025, implying that there are only about 15 months before the window closes. Some countries have taken advantage of the AGOA more...
05 February 2024
Prosper Africa coordinates 17 US agencies to help boost Africa’s low participation in AGOA
The US has mobilised 17 relevant government departments and agencies under the umbrella of Prosper Africa coordinator British Robinson to try to clinch deals between US and African businesses that will increase utilisation of the African Growth and Opportunity Act (Agoa). The 20th annual Agoa Forum ended in Johannesburg at the weekend with an all-round commitment by Africa and the US to renew the preferential trade programme when it expires...
09 November 2023
AGOA extension crucial for Ghana’s industrialisation
The Deputy Minister of Trade and Industry Nana Ama Dokua Asiamah-Adjei is supporting the push for the extension of the African Growth and Opportunity Act (AGOA) to enhance trade between Ghana and the US. A United States Trade Act enacted on 18 May 2000 as Public Law 106 of the 200th Congress, the AGOA legislation has been renewed on different occasions, most recently in 2015, when its period of validity was extended to September 2025. The...
06 November 2023
Could supply chain security take US firms to Africa?
Beginning in August, China will levy export controls on two critical minerals: gallium and geranium. These metals are essential to semiconductor technology and restricting access to them marks Beijing’s latest volley in its strategic power competition with Washington and will significantly disrupt U.S. and Taiwanese chip manufacturers. The global mineral supply chain is already narrow and China has an overwhelming lead with...
28 July 2023
US AGOA and private sector collaboration as backbone for strengthening relations with Africa
With over 1300 delegates at the US-African Business Summit held mid-July in Gaborone, Botswana, the main focus was on mapping out strategies to strengthen trade and economic relations between the United States and Africa. Majority of the speakers emphasized reviewing and widening collaboration between governments, while others underlined the importance of the private sector as the key driver in achieving robust economic growth in...
17 July 2023
Ghana trade minister calls for strategic US investment in African agribusinesses
The Trade and Industry Minister, Alan Kyerematen, has advocated for intensive investment in the agricultural sector as part of major plans to economically empower the African continent. The Minister made this pronouncement during the recent summit of US- African leaders in Washington DC. The US-Africa Leaders’ Summit was anchored on the shared values of fostering new economic engagement; reinforcing the US-Africa commitment to democracy...
20 December 2022
Fact sheet: US- Africa partnership in promoting two-way trade and investment in Africa
Africa’s integration into global markets, demographic boom, and continent-wide spirit of entrepreneurship and innovation present an extraordinary opportunity for the United States to invest in Africa’s future. The United States will support and facilitate mobilizing private capital to fuel economic growth, job creation, and greater U.S. participation in Africa’s future. Together, business and government leaders will...
14 December 2022
The 'three issues that will make or break the Prosper Africa initiative'
The U.S. government’s Prosper Africa program, launched in 2019, aims to double two-way trade and investment between the United States and African countries and, in doing so, to put a new face on American foreign policy in Africa. Despite the initiative’s embrace by two separate administrations, it has so far been slow to live up to expectations. The Prosper Africa Act, a draft piece of bipartisan legislation put forward in the U.S. House...
18 May 2022
US legislators seek to codify the Prosper Africa Act
In January 2022, representatives McCaul (R-TX) and Murphy (D-FL) put forward the Prosper Africa Act (H.R.6455) to codify the existing Prosper Africa initiative into law. This program strives to increase investment and trade cooperation among the United States and African nations. Since 2019, the initiative enabled almost 800 deals worth $50 billion. The codification of Prosper Africa will benefit the program by...
14 March 2022
US seeks more investment opportunities in Africa
The US government is exploring ways to expand trade and investment opportunities in Africa, in a bid to scramble for the control of the continent’s raw materials with other world’s powerful nations such as China and Russia. The US Deputy Assistant Secretary of State Akunna Cook said the country has yet to deepen its presence in Africa, which has a population of about 1.3 billion people. “We have been behind the curve for...
25 February 2022