Tema-Ghana, Aug. 25, – The business and economic relationship between the United States of America and Ghana hit an upper trajectory of $3.7 billion in 2022, and the country also had a $1.8 billion trade surplus with the United States in 2022.
The U.S.A. and Ghana Trade and Investment Fact Sheet made available by the US Embassy indicates that trade in services is also strong and growing.
According to the USA Fact Sheets on 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 totaled over $150 million with programmes in health, economic growth, agriculture, education, human rights, governance, and security,” the statement stated.
According to the statement, last year, the U.S. government provided over $32 million in agricultural assistance in Ghana, and 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.
Ghana exported about $2.7 billion in goods to the United States in 2022. Major Ghanaian exports to the United States include crude oil, cocoa (bean, paste, and butter), apparel, rubber, and casava. The United States is Ghana’s fourth-largest export market.
The U.S. exports to Ghana in 2022 hit $1 billion. Major U.S. exports to Ghana include cars, machinery, paper products, plastics, medical devices, fertilisers, and agricultural goods. Ghana is the United States’ third-largest export market in sub-Saharan Africa, behind South Africa and Nigeria.
According to the US Embassy Trade Fact Sheets, over hundred U.S. companies and brands operate in the Ghanaian market, investing locally and employing Ghanaians.
It said U.S. investment in Ghana is concentrated in energy, mining, agro-processing, healthcare, ICT, consumer goods, and food packaging.
About $2.4 billion was generated by Ghana’s tourism industry in 2022, as Americans are now the largest number of international visitors to Ghana, accounting for roughly 100,000 visitors per year.
About $421 million in foreign direct investment (FDI) was received from the United States for Ghana in 2021, and in 2022, it jumped to $1.5 billion in
FDI from all sources.
