“Shift from Transactional to Transformational” – BOG Governor
By Nii Trebi Hammond
In a powerful keynote address at the African Leaders & Partners Forum in Washington, D.C., Governor of the Bank of Ghana, Dr. Johnson Pandit Asiamah, has called for a complete overhaul of Africa–U.S. trade relations, urging both sides to shift from a transactional model to one rooted in long-term strategic collaboration.
Speaking under the theme “Africa & the U.S.: Shaping a Trade-Driven Future”, Dr. Asiamah highlighted the need to move beyond raw commodity exports and develop value-added industries that can position Africa as a true global trade partner.
“This relationship must move beyond access and aid—toward strategy, equity, and co-creation,” he said. “We must define our place in global trade not as a resource depot, but as a production partner.”
Dr. Asiamah noted that while Africa–U.S. trade reached $71.6 billion in 2024, the relationship remains narrowly focused on extractives and raw materials. He cited Ghana as a key example, pointing to a trade surplus of over $730 million in 2024, driven by exports of crude oil, cocoa, and timber.
Despite these figures, he emphasized the dangers of overreliance on primary goods, calling instead for policies that support diversification and innovation.
The central banker used Ghana’s trade relationship with the U.S. to demonstrate both progress and opportunity. He cited companies like Kosmos Energy and Newmont Mining Corporation as examples of impactful American investments that have created jobs and built capacity in Ghana.
He also spotlighted Niche Cocoa’s expansion into the U.S. as a signal that African companies can and should climb the value chain, creating opportunities on both sides of the Atlantic.
Four Pillars for a Renewed Partnership
To chart a more sustainable course, Dr. Asiamah proposed four pillars for Africa–U.S. economic cooperation:
• Macroeconomic Credibility and Strategic Autonomy
Strengthening central bank independence and aligning AGOA with Africa’s industrial aspirations.
• Financial System Resilience
Building regulatory capacity and embedding fintech to attract capital and manage risk.
• Trade Integration and Financing
Scaling up investment in agro-processing, logistics, energy, and manufacturing through U.S.–Africa trade finance hubs.
• Inclusive Digital Transformation
Ensuring that Africa’s young population is empowered through innovation and connected to global markets.
Dr. Asiamah urged the U.S. government to support AGOA reforms that reflect Africa’s evolving needs, invest in regional infrastructure and trade finance, and partner with the continent in building a digital and green economy.
“Partnership must not be extractive but transformational,” he said. “If Kosmos could help launch Ghana’s oil era, and Niche Cocoa could move from Accra to Wisconsin, imagine what the next chapter of U.S.–Africa trade could look like with the right policies in place.”
The speech was widely praised by forum attendees for its clarity and urgency. As AGOA nears expiration in 2025, and as global trade dynamics shift, the forum served as a call to action for leaders on both continents to seize the moment. “Africa’s voice must be confident, coordinated, and catalytic,” Dr. Asiama concluded. “The real work lies ahead—in the institutions we strengthen, the partnerships we deepen, and the future we shape together.”
