KEY POINTS:
- In 2022, the commodities exchange between the US and Ghana reached $3.7 billion
- United States has allocated more than $150 million in bilateral aid to Ghana
- The United States has committed $300 million to enhance Ghana’s digital landscape
In 2022, the US-Ghana commodities exchange marked an unprecedented milestone, surging to $3.7 billion and contributing significantly to Ghana’s notable trade surplus of $1.8 billion.
To bolster Ghana’s multifaceted development endeavors, the United States has allocated an extensive sum of over $150 million in bilateral aid. This substantial assistance encompasses pivotal sectors including human rights, agriculture, education, and security initiatives.
Recognizing the escalating importance of a digital economy, the United States has committed a substantial investment of $300 million to elevate Ghana’s digital landscape. This funding will specifically target the reinforcement of the digital economy, including substantial support directed towards the establishment and expansion of data centers.
In 2022, the value of all commodities exchanged between the United States and Ghana reached an unparalleled pinnacle of $3.7 billion. The US Embassy in Accra highlighted that Ghana achieved a trade surplus of $1.8 billion with the US in 2022.
The Embassy noted, “Trade in services is also robust and burgeoning. Under the African Growth and Opportunities Act (AGOA) trade preferences, Ghanaians can export more than 6,500 products to the United States duty-free.”
As Ghana’s principal development collaborator, the US government maintains its commitment to fostering economic growth. The bilateral aid of over $150 million from the United States to Ghana in 2022 will be allocated towards initiatives promoting human rights, governance, economic advancement, agriculture, education, and security.
Furthermore, in the preceding year, the US government extended approximately $32 million in agricultural aid to Ghana. The US Development Finance Corporation has also unveiled expanded support, amounting to $25 million in financing, for micro, small, and medium-sized enterprises in Northern Ghana’s agricultural sector.
A significant announcement from the United States unveils a $300 million investment to fortify data centers across Africa, particularly in Ghana, aiming to catalyze the expansion of the digital economy.
The total value of US-Ghana two-way trade in 2022 achieved an impressive $3.7 billion, with Ghana’s exports to the United States reaching approximately $2.7 billion. Major Ghanaian exports to the United States encompass commodities such as crude oil, cocoa (bean, paste, and butter), apparel, rubber, and cassava. Notably, the United States ranks as Ghana’s fourth largest export market.
Conversely, major US exports to Ghana encompass automobiles, machinery, paper products, plastics, medical devices, fertilizers, and agricultural goods. Within Sub-Saharan Africa, Ghana stands as the third largest export market for the United States, trailing behind South Africa and Nigeria.
Ghana has attracted the presence of over 100 US corporations and brands, contributing to local investment and providing employment opportunities for Ghanaians. Key sectors of US investment in Ghana include energy, mining, agro-processing, healthcare, ICT, consumer products, and food packaging.
Ghana’s burgeoning tourism industry is poised for expansion, projected to generate a revenue of $2.4 billion by 2022. American tourists constitute the predominant overseas visitors to Ghana, accounting for approximately 100,000 individuals annually.
In terms of foreign direct investment (FDI), the United States contributed $421 million in 2021. Ghana’s FDI inflow from all sources reached $1.5 billion in 2022.
