Ghana, US trade hits $361m in first quarter 2010

Two-way trade between Ghana and the United States amounted to a total of $361 million in the first four months of 2010, a 98% increase from the same period last year, a press release from the Public Affairs Section of the US Embassy in Ghana copied to ghanabusinessnews.com has said.

According to the release, US exports to Ghana grew 72% in the first four months of 2010, rising to $256 million. US imports from Ghana increased 217% to $105 million. Imports from Ghana under the African Growth and Opportunities Act (AGOA) and the Generalized System of Preferences (GSP) were valued at $5.1 million during the first four months of 2010, an increase of 23% from the first four months of 2009.

AGOA/GSP imports included cocoa paste, wood ornaments, apparel, vegetables, spices, and baskets. Leading US exports to Ghana were refined petroleum, machinery, and vehicles, the release added.

The United States has committed $325 million in trade capacity building assistance to Ghana, including $240 million in trade-related activities under Ghana’s $547 million, five-year Millennium Challenge Corporation compact since 2001, it said.

Meanwhile, the Minister of Trade, Hannah Tetteh and the Assistant United States Trade Representative Florie Liser have today July 2, 2010 co-chaired the sixth meeting of the US-Ghana Trade and Investment Council, under the US-Ghana Trade and Investment Framework Agreement (TIFA). The meeting which was attended by senior officials from both the US and Ghanaian governments discussed a full range of trade issues, including the AGOA, investment challenges, transportation, telecommunications, intellectual property rights, trade capacity building, and technical assistance.