BoG Governor Advocates for Transformative U.S.–Africa Trade Beyond Commodities
BoG Governor Calls for New U.S.-Africa Trade Approach
- Dr. Johnson Pandit Asiama, has called for a fundamental shift in the trade relationship between the United States and Africa
- He spoke at the Public African Leaders & Partners Forum in Washington
- Dr. Asiama further urged the U.S. to support the reform of AGOA
Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, has called for a fundamental shift in the trade relationship between the United States and Africa, urging a move away from primarily transactional exchanges of raw materials towards value-driven partnerships centered on innovation, investment, and mutual 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 stressed the necessity of establishing long-term, mutually beneficial trade frameworks that extend beyond the export of unprocessed goods.
He noted that U.S.–Africa trade reached $71.6 billion in 2024, with Africa achieving a $7.4 billion surplus. However, he cautioned that this trade remains heavily concentrated in a limited number of sectors, predominantly oil and cocoa, which leaves African economies vulnerable to market fluctuations.
Dr. Asiama advocated for reforms to the African Growth and Opportunity Act (AGOA), which is set to expire in 2025, urging a reorientation towards supporting industrialization and the export of value-added products from African nations.
Drawing on Ghana’s experience under AGOA as an example, Dr. Asiama highlighted that from 2019 to 2024, Ghana averaged $2.5 billion in annual trade with the U.S., with its primary exports being oil, cocoa, and timber. In 2024, Ghana’s exports to the U.S. amounted to $1.6 billion, resulting in a trade surplus of $730 million.
He pointed to significant U.S. investments in Ghana, such as Kosmos Energy’s discovery of the Jubilee oil field and Newmont’s mining operations, as instances of impactful partnerships. He also commended Ghanaian company Niche Cocoa’s expansion into the U.S. market as a model for advancing up the value chain.
To guide the next phase of U.S.–Africa trade relations, Dr. Asiama proposed four key pillars:
- Macroeconomic Credibility and Strategic Autonomy: Emphasizing the importance of sound fiscal and monetary policies as a foundation for attracting investment.
- Financial System Resilience: Highlighting the need for robust financial systems that can support private sector growth and withstand economic shocks.
- Trade Integration and Financing: Advocating for investments in agro-processing, infrastructure development, and manufacturing through the establishment of U.S.–Africa Trade Finance Hubs.
- Inclusive Digital Transformation: Calling for U.S. support in harmonizing digital development initiatives, referencing Ghana’s eCedi pilot program and the $350 million Digital Transformation with Africa initiative.
Dr. Asiama further urged the U.S. to support the reform of AGOA, invest in infrastructure that facilitates trade, and enhance cooperation in digital and green trade technologies. He emphasized that these efforts should be aligned with and support Africa’s broader integration agenda under the African Continental Free Trade Area (AfCFTA).
“Africa is not short on opportunity—we must now match ambition with mechanisms to unlock it,” Dr. Asiama concluded.
The forum, organized by EBII Group and the Ghanaian Embassy, underscored the critical need for balanced and strategic partnerships between Africa and the United States, with a focus on fostering innovation, industrialization, and shared prosperity.
