A U.S.A-Ghana Trade and Investment Framework Agreement (TIFA) Council meeting, opened on Friday in Accra to discuss primary impediments and strategies to remove barriers and expand bilateral trade between the two countries.
The meeting is being attended by a 26-member ministerial team from Ghana led by Ms. Hannah Tetteh, Trade and Industry Minister, and a 17-member delegation from the USA headed by Florie Liser, Assistant USA Trade Representative.
TIFA was established in 1999 to deepen trade and investment relations between Ghana and USA.
The sixth Council meeting, which forms parts of annual meetings convened on rotational basis either in the USA or in Ghana, was also to review
reforms and intellectual property protection to improve the business environment and attract investment.
It would also discuss key transportation infrastructure challenges and possible bilateral and regional approaches as well as discuss Ghana's economic development needs and priorities and provide information on USA-Ghana trade capacity building programmes and other technical assistance.
In a related development, a release issued by the Public Affairs Section, Embassy of the United States of America in Accra, said the meeting further discussed a full range of trade issues, including the African Growth and Opportunity Act (AGOA).
It said the two-way trade between the USA and Ghana was valued at $361 million for the first four months of 2010, representing a 98 percent increase from the same period last year.
USA exports to Ghana grew 72 percent in the first four months of 2010, rising to $256 million while U.S. imports from Ghana increased 217 percent to $105 million.
Imports from Ghana under AGOA and the Generalized System of Preferences (GSP) were valued at $5.1 million during the first four months of 2010, an increase of 23 percent from the first four months of 2009.
The release said AGOA/GSP imports included cocoa paste, wood ornaments, apparel, vegetables, spices, and baskets while leading U.S. exports to Ghana were refined petroleum, machinery, and vehicles.
Since 2001, the USA has committed $325 million in trade capacity building assistance to Ghana, including $240 million in trade-related
activities under Ghana's $547 million, five-year Millennium Challenge Corporation compact.
The assistance has helped Ghana to increase its competitiveness in world markets, upgraded and improved its road system, agricultural
productivity, and strengthened the business environment.
Some of the work had been carried out through the USAID-managed West African Global Competitiveness Hub based in Accra.
The Hub works with farmers and small businesses in Ghana and elsewhere in West Africa to help them make the most of international trade
opportunities, including those available under AGOA.
Ghana is also a focus country of the U.S. Government's "Feed the Future Food Security Initiative".