In 2022, the value of all commodities exchanged between the US and Ghana reached an all-time high of $3.7 billion. According to the US Embassy in Accra, Ghana had a $1.8 billion trade surplus with the US in 2022.
“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,” as stated by the Embassy.
As Ghana’s leading development partner, the US government continues to promote economic growth. Over $150 million in bilateral aid from the United States to Ghana in 2022 will go toward initiatives promoting human rights, governance, economic development, agriculture, education, and security.
Additionally, the US government gave Ghana about $32 million in agricultural aid last year. The U.S. Development Finance Corporation has announced expanded support for micro, small, and medium-sized firms in the agricultural sector in Northern Ghana totaling $25 million in finance.
The United States has announced a $300 million investment in data centers across Africa, particularly Ghana, to support the expansion of the digital economy.
The value of U.S.-Ghana two-way trade in 2022 hit $3.7 billion. Ghana’s exports to the United States in came in at approximately $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.
Additionally, 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.
Over 100 US corporations and brands operate in Ghana, investing locally and employing Ghanaians. Energy, mining, agro-processing, healthcare, ICT, consumer products, and food packaging are the main areas of US investment in Ghana.
Ghana’s tourist business is expanding and will generate $2.4 billion by 2022. Americans currently make for the majority of overseas tourists to Ghana, accounting for around 100,000 people every year.
The United States’ foreign direct investment (FDI) was $421 million in 2021. Ghana got $1.5 billion in FDI from all sources in 2022.
Story By Africa.Businessinsider.Com
