GNCCI ORIENTS GHANAIAN BUSINESSES ON US TRADE LAWS TO MAXIMIZE AGOA BENEFITS
Nana Dankawoso I highlighted that aggregate exports to the United States of America by AGOA beneficiaries (AGOA plus non-AGOA goods) have increased from $21 billion in 2000 reaching its peak at $82.2 billion in 2008 with declining exports in subsequent years ending 2018 at US$23.44 billion. He emphasized that the 10-year renewal following the expiration of the initial 15 years period presents an opportunity for eligible sub-Saharan African countries including Ghana to increase their exports to the United States of America.
Major contributing countries to AGOA include South Africa, Nigeria, Angola, La Côte d’Ivoire, Madagascar, Ghana, and Kenya with major non-oil export products being agricultural, minerals and metals. Out of the total export products from AGOA countries, over 90% of textiles and apparel, footwear, and transportation equipment utilizes AGOA.
Nana Dankawoso I advocated the need to build synergies for the growth and prosperity of our respective economies. He was hopeful that the event will further strengthen the strategic trade partnership between the United States of America and Africa including Ghana.
Two presentations were delivered on: funding opportunities by the US EximBank; and US FDA Rules and Regulations. In his presentation, Richard Roy (Regional Director, Eastern Region Export-Import Bank of the United States), noted that the US government is very engaged with Ghana and other African countries for the financing of machinery especially as most of them are pursuing the path of industrialisation. He underscored that the Bank provides loan guarantee to eliminate fear of financing, credit insurance (for both supplier and buyer), and direct loans (for purchase of equipment for production of goods). He further pointed that the Bank in interested in financing of equipment for the production of goods in AGOA eligible countries.