The efforts undertaken by the governments of Ghana and the United States are anticipated to lead to an upsurge in trade volumes.

In 2022, the trade in goods between Ghana and the United States of America reached an unprecedented peak of $3.7 billion, showcasing a favourable trade balance, as outlined in a fact sheet from the US Embassy in Accra.

During that year, Ghana's exports to the US totaled $2.7 billion, encompassing key commodities such as crude oil, cocoa (beans, paste, and butter), apparel, rubber, and cassava.

Imports from the US stood at $1 billion in 2022, comprising significant items like automobiles, machinery, paper products, plastics, medical devices, fertiliser, and agricultural goods.

Virginia E. Palmer, the US Ambassador to Ghana, stated that due to collaborative measures implemented by both the US Embassy and the Ghanaian government, trade volumes are projected to experience further growth in the forthcoming years.

She emphasised that promising indicators point to substantial growth in various sectors, contributing to job opportunities in both Ghana and the United States, thereby fostering prosperity in both nations.

“To give a straightforward answer, I would say trade volumes are expected to expand by billions. With US$3.7 billion in goods now, it is a lot,” she said when asked about Ghana-USA trade prospects.

She spoke at the US – Ghana Business Expo held under the theme ‘Leveraging US trade relations for growth and prosperity’. The event took place in Accra.

The Under-secretary of Commerce for International Trade of the United States of America, Marisa Lago, commenting on trade volumes between the two countries stated that: “Emerging from the pandemic, total USA-Ghana trade has been on an upward trajectory.

“As our trade and investment relationship matures and continues to grow, we look forward to broadening the types of goods and services that we exchange; such as personal care products and apparel.”

Ms. Lago urged participants to be open about challenges, as they are looking for opportunities as well as to identify inhibiting factors that hold businesses back from delivering greater trade and investment.

Given the current global crises, she said, it is important to ensure that the business environment continues to support and foster entrepreneurship, innovation, investment, and trade.

She mentioned that to further strengthen trade between both countries, she will hold discussions with counterparts in Ghana’s government and the private sector on how they can work together to achieve some shared objectives of improving the business environment and facilitating increased trade and investment.

The Minister of Trade and Industry, Kobina Tahir Hammond, said the government has stepped up support for the private sector, both domestic and foreign, to enhance production and export capacity – particularly in the manufacturing sector, with notable opportunities for export into the US market.

“We would like to see more export products from our shores into the US market, the most lucrative consumer market globally. We believe that this can be achieved through increased investment from the US, especially in respect of harnessing the considerable and largely untapped US market opportunities offered under the African Growth and Opportunity Act (AGOA) and the Prosper Africa Initiative of the US government.”

The objective of the 2023 US Ghana Business Expo is to establish a platform that facilitates the development of mutual trade partnerships and economic advancement between the United States and Ghana.

The event brought together prominent figures within various industries, entrepreneurs, government representatives, and business executives from both countries. The purpose was to uncover potential prospects, share insights, and cultivate alliances.