Deputy USTR Discusses Growing Trade with Ghana, Possible Investment Treaty
On February 22, 2011, Deputy U.S. Trade Representative Marantis met with Ghanaian Deputy Trade Minister Ayariga and spoke to an audience of Ghanaian students, business leaders, and officials about growing U.S.-Ghana trade and investment. USTR also issued a Weekly Trade Spotlight on U.S. trade with Ghana.
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Officials Discussed Possible Bilateral Investment Treaty
The two officials discussed the possibility of the U.S. and Ghana beginning Bilateral Investment Treaty (BIT) talks. According to Marantis, concluding a high-standard BIT with the U.S. would demonstrate Ghana’s commitment to an open trade and investment policy and set an example for others in the region.
Urged Ghana to Push for More ECOWAS Integration, Common External Tariff
Deputy USTR Marantis also urged Ghana to continue to lead sub-Saharan Africa’s regional economic integration in the 15-nation Economic Community of West African States (ECOWAS) and beyond. He said that too many barriers to Ghana’s export and investment are with its neighbors north, west, and east. These barriers act as a deterrent not just to greater regional trade, but to traders and investors around the world. Ghana can do more to integrate regionally, for example by leading the efforts to fully implement the ECOWAS common external tariff to boost intra-regional trade.
Ghana Imports Into U.S. Grew 100% in 2010, U.S. Exports Grew 50%
In his discussions, Marantis noted the growing U.S.-Ghana trade relationship, which is valued at nearly $1.3 billion. USTR’s Trade Watch on Ghana states that U.S. imports from Ghana have increased dramatically in recent years, growing by over 100% between 2009 and 2010, reaching $274 million. Major U.S. imports from Ghana include cocoa, vegetables, fruits, precious metals, baskets, and apparel. U.S. goods exported to Ghana have also grown significantly - by 55% from 2009 to 2010, reaching $983 million. Primary U.S. exports to Ghana include mineral products, machinery, and vehicles.
92% of Ghana’s Exports to U.S. Enter Duty-Free through AGOA & GSP
He also noted that Ghana has capitalized on U.S. trade preference programs, as 92% of Ghana’s exports to the U.S. enter duty-free under the Generalized System of Preferences (GSP) and the African Growth and Opportunity Act (AGOA) trade preference programs.
Deputy USTR Marantis’ remarks to business leaders, dated 02/22/11, available here.