Business News of 2014-02-18

US-Africa trade declines by 50%

Vice-president Kwesi Bekoe Amissah-Arthur has pointed out that Africa’s trade between the US for the year 2013 declined by about 50 per cent. He said the drop was caused by declines in the agriculture and textile sectors.
The Vice-President disclosed this at the 4th Annual African Amcham summit in Accra. He expressed worry that the success of the African Growth Opportunity Act (AGOA) might not be sustained due to the global financial crisis that had had a severe impact on the US- Africa trade.
The AGOA is a legislation that was approved by the US congress in May 2000 to assist the economies of sub-Saharan Africa and to improve economic relationships between the United States and the region.
Mr Amissah Arthur added that the AGOA’s simplicity had been central in enabling more trade between the US and African countries, but stressed the need to create new market opportunities for African exporters and help partners in the US to overcome key challenges hindering greater African trade and investment.
He also called for a change in the US- Africa relationship, one donor and recipient relationship, to that of business partners, especially in key countries and critical sectors.
The US Ambassador to Ghana, Mr Gene A. Cretz, noted that the US Government was committed to deepening trade ties with Africa.
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