Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, has called for a strategic overhaul of U.S. Africa trade relations, urging a move from commodity-based transactions to value-driven partnerships focused on innovation, investment, and shared growth.
Speaking at the Public African Leaders & Partners Forum in Washington, D.C., under the theme “Africa & the U.S.: Shaping a Trade-Driven Future”, Dr. Asiama emphasized the need for long-term, mutually beneficial trade frameworks that go beyond raw material exports.
He highlighted that U.S.–Africa trade hit $71.6 billion in 2024, with Africa recording a $7.4 billion surplus. However, the trade remains concentrated in a few sectors—mainly oil and cocoa—leaving African economies vulnerable.
He called for reforms to the African Growth and Opportunity Act (AGOA), which expires in 2025, urging a shift toward supporting industrialization and value-added exports.
Dr. Asiama pointed to Ghana’s experience under AGOA as a case study. From 2019 to 2024, Ghana averaged $2.5 billion in annual trade with the U.S., exporting mostly oil, cocoa, and timber. In 2024, Ghana exported $1.6 billion worth of goods to the U.S. and registered a trade surplus of $730 million.
He referenced key U.S. investments in Ghana, including Kosmos Energy’s discovery of the Jubilee oil field and Newmont’s mining operations, as examples of impactful partnerships. He also praised Ghanaian company Niche Cocoa’s expansion to the U.S. as a model for value-chain advancement.
To guide the next phase of U.S.–Africa trade, Dr. Asiama proposed four key pillars:
- Macroeconomic Credibility and Strategic Autonomy: Emphasizing sound fiscal and monetary policy as a base for investment.
- Financial System Resilience: Highlighting the need for systems that support private sector growth and withstand shocks.
- Trade Integration and Financing: Advocating for investment in agro-processing, infrastructure, and manufacturing through U.S.–Africa Trade Finance Hubs.
- Inclusive Digital Transformation: Calling for U.S. support in aligning digital development efforts, including Ghana’s eCedi pilot and the $350 million Digital Transformation with Africa initiative.
Dr. Asiama also urged the U.S. to support AGOA reform, invest in trade-enabling infrastructure, and deepen cooperation in digital and green trade technologies. He stressed that these efforts should support Africa’s integration under the African Continental Free Trade Area (AfCFTA).
“Africa is not short on opportunity—we must now match ambition with mechanisms to unlock it,” he said.
The forum, organized by EBII Group and the Ghanaian Embassy, highlighted the need for balanced, strategic partnerships between Africa and the United States focused on innovation, industrialization, and shared prosperity.
Source: www.kumasimail.com
