AGOA must be reformed to align with Africa’s industrial goals – BoG Governor
The African Growth and Opportunities Act (AGOA) must be reformed to align with Africa’s industrial goals as it nears expiration in 2025, the Governor of the Bank of Ghana (BoG), Dr Johnson Asiama has stated.
According to him, the new AGOA should “ensure rules-based access and embed incentives for value- added exports.”
AGOA was created in the year 2000 by the U.S government to provide quota and duty free access to the American market by eligible Africa countries.
Dr Asiama made the call on Tuesday during the African Leaders and Partners Forum at the Ghana Embassy in Washington D.C in the USA which was on the theme “Africa and The U.S: Shaping a Trade-Driven Future.”
The programme was organised by the EBII Group and the Embassy of Ghana in Washington DC in the USA.
Dr Asiama said Africa must have strategic autonomy where he continent could define its place in global trade not as a resource depot, but as a production partner.
“AGOA should go beyond the export of raw materials to value addition in Africa”. he stated.
Ghana, he said offered a powerful case study within this broader narrative of AGOA.
“Ghana has emerged as a top beneficiary, exporting not only oil but also cocoa, textiles, and handicrafts to the U.S. Between 2019 and 2024, Ghana–U.S. trade averaged $2.5 billion annually, representing about 15 per cent of Ghana’s total exports.” he stated.
In 2024, Dr Asiama said bilateral trade between Ghana and U.S reached $2.48 billion, with Ghana exporting $1.60 billion—primarily crude oil, cocoa, and timber—and importing $874 million, resulting in a trade surplus of over $730 million.
He said Ghana’s engagement with the U.S. showed what was possible, adding that “…It also reminds us how much more we must do—to reduce raw commodity dependence, increase value addition, and scale bilateral investment into transformational outcomes
BY KINGSLEY ASARE
