'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.