The Future Of The African Growth And Opportunity Act | Business Edge | 02-11-23

Host: Perpetua Fasanmi-Peter
Guest: Clive Ramathibela-Smith, Senior Executive Partner, Hecare Capital & Partners, Sandton, South Africa

South Africa is currently hosting the annual African Growth and Opportunity Act (AGOA) Forum, taking place from November 2 to 4. The primary focus of this event is the United States' key trade programme for Sub-Saharan Africa. AGOA, established in 2000, grants eligible African countries duty-free access to the U.S. market, with the aim of promoting economic development.

While AGOA has been highly beneficial in certain countries, including Ghana, Kenya, Lesotho, Madagascar, and Ethiopia, where it has boosted exports and generated job opportunities, it has not been fully utilized. Only about half of the eligible nations have taken advantage of the program.

Despite the fact that the initiative, originally set to expire in 2025, has been renewed twice, African governments and industry groups are advocating for a further 10-year extension of AGOA without any alterations. This extension is being sought to provide assurance to businesses and potential investors who have concerns about the program's future.

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The Future Of The African Growth And Opportunity Act | Business Edge | 02-11-23

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