The United States and Ghana achieved a historic peak in goods trade in 2022, reaching a record-breaking total of $3.7 billion.
Additionally, in the year 2022, Ghana revealed a trade surplus of $1.8 billion with the United States, as stated by the US Embassy situated in Accra.
The Embassy’s statement highlighted that the trade in services is robust and on the rise. Under the African Growth and Opportunities Act (AGOA) trade preferences, Ghanaians have the opportunity to export over 6,500 items to the United States without incurring duties.
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.