The total trade in goods between the United States and Ghana hit an all-time high of $3.7 billion in 2022.
Also, Ghana had a $1.8 billion trade surplus with the United States in 2022, the US Embassy in Accra has disclosed.
According to the Embassy, “Trade in services is also strong and growing. With the African Growth and Opportunities Act (AGOA) trade preferences, Ghanaians can export more than 6,500 products to the United States duty-free.”
The United States government continues to support economic development as Ghana’s top development partner.
In 2022, U.S. bilateral assistance to Ghana totalled over $150 million with programs in health, economic growth, agriculture, education, human rights, governance, and security.
Last year, the U.S. government also provided over $32 million in agricultural assistance in Ghana.
More recently, the U.S. Development Finance Corporation announced new support for $25 million in financing for micro, small, and medium-sized enterprises in the agricultural sector in Northern Ghana.
Supporting digital economic development, the United States recently announced a $300 million investment in data centres in Africa, including Ghana.
Find more details below;
Two-Way Trade:
- Value of U.S.-Ghana two-way trade in 2022: $3.7 billion
- Ghana exports to the United States in 2022: $2.7 billion
- Major Ghanaian exports to the United States include crude oil, cocoa (bean, paste, and butter), apparel, rubber, and cassava.
- The United States is Ghana’s fourth largest export market.
U.S. Exports to Ghana in 2022: $1 billion
- Major U.S. exports to Ghana include cars, machinery, paper products, plastics, medical devices, fertilizers, and agricultural goods.
- Ghana is the United States’ third largest export market in Sub-Saharan Africa behind South Africa and Nigeria.
Business and Investment:
- More than 100 U.S. companies and brands operate in the Ghanaian market, investing locally and employing Ghanaians. U.S. investment in Ghana is concentrated in energy, mining, agro-processing, healthcare, ICT, consumer goods, and food packaging.
- Ghana’s tourism industry continues to grow, generating $2.4 billion in 2022. Americans are now the largest number of international visitors to Ghana, accounting for roughly 100,000 visitors per year.
- Foreign direct investment (FDI) from the United States totalled $421 million in 2021. In 2022, Ghana received $1.5 billion in FDI from all sources.
In a related development, the U.S. Embassy, U.S. Commercial Service, the American Chamber of Commerce in Ghana (AmCham), the U.S. Chamber of Commerce and the Embassy of Ghana in Washington, D.C. will co-host the U.S. – Ghana Business Expo from August 10-11, 2023 at the Labadi Beach Hotel in Accra.
The event will prioritise opportunities to form new partnerships between U.S. and Ghanaian companies.
source: myjoyonline.com