Washington D.C.: Dr. Johnson Pandit Asiama, the Governor of the Bank of Ghana, announced that efforts are underway to reduce and stabilize inflation while building reserves through sound fiscal policy consolidation. These remarks were part of his address at the African Leaders and Partners Forum in the United States, where the theme was 'Africa and The U.S.: Shaping A Trade-Driven Future.'
According to Ghana News Agency, Dr. Asiama highlighted that central banks across Africa have been implementing measures to enhance transparency, independence, and credibility. He emphasized that while stability is crucial, it is merely the starting point for sustainable partnerships. With the African Growth and Opportunity Act (AGOA) nearing its expiration in 2025, he stressed the importance of reshaping the act to align with Africa's industrial goals, ensuring rules-based access, and embedding incentives for value-added exports.
The U.S. goods trade with Africa in 2024 reached $71.6 billion, with a $7.4 billion surplus favoring the continent. Despite the significant trade volume, the relationship has largely focused on raw materials and the energy sector. Ghana, a key beneficiary of AGOA, has diversified its exports to the U.S., including oil, cocoa, textiles, and handicrafts. Between 2019 and 2024, Ghana-U.S. trade averaged $2.5 billion annually, contributing to about 15 percent of Ghana's total exports. In 2024, Ghana's exports to the U.S. amounted to $1.60 billion, resulting in a trade surplus of over $730 million.
Dr. Asiama also emphasized the need for a resilient financial system to support growth in a sound macro environment. Ghana's Financial Stability Fund, developed in partnership with international entities, has played a critical role in post-pandemic solvency and governance reform. Across Africa, there is a need to integrate technology in financial supervision using Suptech and Regtech, which would improve accountability and enable financial institutions to support private-sector-led growth.
He concluded by stating that Africa must transition from being a source of raw materials to a destination for investment across high-impact sectors. In Ghana, this opportunity is both real and immediate, as the nation seeks to transform ideas into tangible investments and address financing constraints that hinder Africa's export potential.