Economy

SA President praises AGOA for boosting countries economy

Date: Nov 6, 2023

In his weekly letter to the nation, South Africa's (SA) President Cyril Ramaphosa praised the African Growth Opportunity Act (AGOA) for boosting the country's economy and creating jobs.

He wrote after hosting an AGOA forum in Johannesburg last week, where he met with representatives from more than 30 sub-Saharan African countries that benefit from the trade agreement with the United States. AGOA allows these countries to export their goods to the US market without paying tariffs.

According to Ramaphosa, SA is the largest beneficiary of AGOA, especially in the automotive sector, which he called one of the programme's greatest success stories.

He said that in 2021, SA exported almost $274-million worth of products to the US under AGOA, mainly vehicles, jewellery and metals. He also expressed his hope that AGOA would be extended beyond 2025, when it is due to expire, to provide certainty for investors who want to expand their operations in Africa.

He added that AGOA has the potential to transform African economies from being exporters of raw materials to producers of finished goods for continental and global markets.

--SABC--

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