Business News of Wed, 4 Apr 20188
Ghana, US trade hits $1.7bn
Bilateral trade between Ghana and the United States of America hit $1.7 billion ($1,771.4) in 2017.
This represents 53.61% increase over the $1.1 billion ($1,153.2million) recorded in 2016.
$135.7m balance of trade in favour of US
Data published by the United States Census Bureau puts the total balance of trade in favour of the US, at $135.7 million.
73.45% improvement in balance of trade
The figure constitutes a 73.45% improvement, compared to the $510.8 million trade deficit recorded in 2016.
US exports to Ghana hits $885.7m in 2017
According to the information, the United States exported goods valued at $885.7 million to Ghana in 2017, representing a 6.45% increase over the $832 million recorded in 2016.
Ghana makes $750m from exports to US in 2017
On the other hand, Ghana more than doubled the value of exports to the US in 2017, raking in $750 million.
This represents a 133.50% increase, compared to the $321.2 million registered in 2016.
US exports to Ghana
US exports to Ghana are mainly industrial machinery, automobile, and electronics, among others.
Exports from Ghana to US
On the other hand, exports from Ghana to US are mainly agricultural products, as well as textiles.
Last year, exports under the African Growth and Opportunities Act (AGOA) alone rose to some $300 million.
$1.1 billion trade in 2016
The United States is among Ghana's principal trading partners, with bilateral trade between the two countries reaching $1.1 billion ($1,153.2 million) in 2016.
United States Ambassador to Ghana, Robert Jackson has said the US government is seeking to double its annual trade volumes with Ghana from $1.1 billion a year to $2.4 billion.
According to him, the United States would achieve the figure by increasing US investors in Ghana while it encourages exports from Ghana to America.
“The United States is working at doubling the value of trade between Ghana and America annually in the next three years and also improve exports from Ghana to America,” he said.
He stated that there are many investment opportunities in Ghana which, if properly packaged, would attract American multinational companies to invest in Ghana.
A team from Overseas Private Investment Corporation (OPIC), a U.S. agency that helps businesses invest in developing markets around the world, continues to explore more business opportunities in Ghana.
The portfolio of OPIC in Africa has grown from about $1 billion in 2002 to $7 billion today.
In Ghana, OPIC has supported investment in many sectors, from a sweeping project to introduce more advanced healthcare equipment to a major power plant, to a mortgage company that helped simplify land registry, enabling more people to purchase homes.
These projects are all a testament to the local governments that have committed to adopting reforms to attract more investors, as well as the people of Africa, who comprise a large and growing population that are recognised around the world as a powerful force.
By 2050, a full quarter of the world’s population will be Africans, most of them under the age of 30.
OPIC said it is proud to support investment that is having such a positive impact, but we also understand that much more must be done to create opportunity for Africa’s rapidly growing, increasingly urban population, and to connect the continent to the rest of the world.