Ghana-USA trade hits all-time record

Trade in goods between Ghana and the United States of America reached an all-time high of US$3.7billion in 2022, with the country boasting a favourable balance of trade according to a fact sheet of the US Embassy in Accra.

Ghana’s exports to the US in 2022 amounted to US$2.7billion. Main exports from the country included: crude oil, cocoa (beans, paste and butter), apparel, rubber and cassava, among others.

Imports from the US amounted to US$1billion in 2022 with cars, machinery, paper products, plastics, medical devices, fertilizer and agricultural goods among the major imports.

According to the US Ambassador to Ghana, Virginia E. Palmer, trade volumes are expected to further increase in the coming years due to measures put in place by both the US Embassy and government of Ghana.

She explained that there are positive indicators of huge growth in all directions, and that this contribute to job creation in Ghana and the United States; which will bring prosperity to both countries.

“To give a straightforward answer, I would say trade volumes are expected to expand in more billions. With US$3.7billion in goods now, it is a lot,” she said when asked about Ghana-USA trade prospects.

She spoke at the US – Ghana Business Expo held under the theme ‘Leveraging US trade relations for growth and prosperity’. The event took place in Accra.

The Under-secretary of Commerce for International Trade of the United State of America, Marisa Lago, commenting on trade volumes between the two countries stated that: “Emerging from the pandemic, total USA-Ghana trade has been on an upward trajectory.

“As our trade and investment relationship matures and continues to grow, we look forward to broadening the types of goods and services that we exchange; such as personal care products and apparel.”

Ms. Lago urged participants to be open about challenges, as they are looking for opportunities as well as to identify inhibiting factors that hold businesses back from delivering greater trade and investment.

Given the current global crises, she said, it is important to ensure that the business environment continues to support and foster entrepreneurship, innovation, investment and trade.

She mentioned that to further strengthen trade between both countries, she will hold discussions with counterparts in Ghana’s government and the private sector on how they can work together in some shared objectives of improving the business environment and facilitating increased trade and investment.

The Minister of Trade and Industry, Kobina Tahir Hammond, in his keynote address said government has 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 US market.

“We would like to see more export products from our shores into the US market, the most lucrative consumer market globally. We believe that this can be achieved through increased investment from the US, especially in respect of harnessing the considerable and largely untapped US market opportunities offered under the African Growth and Opportunity Act (AGOA) and the Prosper Africa Initiative of the US government.”

The 2023 US Ghana Business Expo aims to provide a platform for fostering bilateral trade collaborations and economic growth between the United States and Ghana.

It hosted key industry stakeholders, entrepreneurs, government officials and business leaders from both nations to explore opportunities, exchange ideas and forge partnerships.