–BY Issah Olegor
In a keynote address delivered at the African Leaders & Partners Forum held at the Ghana Embassy in Washington, D.C., on Tuesday, April 22, 2025, the Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, called for a strategic shift in the Africa–U.S. trade relationship—from transactional exchanges to transformational partnerships rooted in innovation, equity, and value creation.
Addressing the theme “Africa & the U.S.: Shaping a Trade-Driven Future”, Dr. Asiama emphasized that while trade between Africa and the United States has made notable progress—especially under the African Growth and Opportunity Act (AGOA)—the framework needs urgent renewal and realignment to reflect Africa’s evolving economic priorities.
AGOA, enacted in 2000, granted eligible African countries duty-free access to the U.S. market.
While it opened significant trade avenues, especially in commodities like oil, cocoa, and textiles, African exports under the agreement have largely remained concentrated in raw materials.
In 2024, U.S.–Africa goods trade reached $71.6 billion, with Africa posting a $7.4 billion surplus.
However, trade flows remain imbalanced and overly reliant on extractive industries, Dr. Asiama noted.
Highlighting Ghana’s case as a microcosm of broader continental trends, Dr. Asiama pointed to the country’s $2.48 billion trade with the U.S. in 2024.
Ghana exported $1.6 billion worth of goods—primarily crude oil, cocoa, and timber—against $874 million in imports. Despite this surplus, the structure of trade remains heavily commodity-based, with limited value addition.
To illustrate the potential of a more integrated and equitable model, Dr. Asiama cited successful Ghana–U.S. business partnerships.
Kosmos Energy, a U.S. firm, played a pivotal role in discovering Ghana’s Jubilee oil field, while Newmont Mining’s operations have transformed local economies in Ahafo and Akyem.
On the flip side, Ghanaian firm Niche Cocoa’s expansion into Wisconsin stands as a testament to African firms moving up the value chain and entering global markets with finished goods.
But such examples, he stressed, must become the norm rather than the exception.
Dr. Asiama proposed a four-pillar strategy to redefine Africa–U.S. trade relations:
1. Macroeconomic Credibility and Strategic Autonomy – African countries must strengthen fiscal and monetary stability while shaping trade policies that serve industrial goals.
2. Financial System Resilience – The continent needs robust systems to attract and manage capital, supported by tech-based tools like Suptech and Regtech.
3. Trade Integration and Financing – Investment in sectors like agro-processing, energy infrastructure, logistics, and 24-hour productivity zones must be matched with accessible finance, including the establishment of U.S.–Africa Trade Finance Hubs.
4. Inclusive Digital Transformation – As Africa’s digital economy grows, investments must focus on infrastructure, cybersecurity, and cross-border systems that empower youth and SMEs.
Dr. Asiama commended U.S. initiatives such as the Digital Transformation with Africa program but urged that such efforts align more closely with African regulatory frameworks and development needs.
As AGOA nears its 2025 expiration, he called on the United States to lead its renewal in ways that support value-added exports, joint ventures, and digital trade—while easing compliance burdens and allowing nations to grow into eligibility rather than being excluded for underperformance.
Beyond policy reform, he appealed for deeper U.S. involvement in infrastructure, trade finance, and green innovation—areas crucial for Africa’s next phase of industrial transformation under the African Continental Free Trade Area (AfCFTA).
