Ghana, China deepen trade partnership
Ghana and China have deepen economic and bilateral trade relations ahead of the third China-Africa Economic and Trade Expo (CAETE), slated for June 29, 2023 would be held in Changsha, Hunan of China.
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Representatives from China and Ghana, converged at the China (Shaoyang) and Ghana Economic and Trade Matchmaking conference on Monday in Accra to strengthen collaboration and trade partnership.
Speaking at the programme, Deputy Minister of Trade and Industry, Michael Okyere Baafi said, Ghana will continue to strengthen the bilateral and trade relationship with China. Adding that, China has been a major trading partner for Ghana over the years.
According to him, the partnership, has yielded fruitful results for both sides, and a win-win situation for both parties.
He said, Ghana is determine to forge stronger ties with China to be able to gain more from China in the area of business.
Mr. Baafi said, Ghana would actively take part in the up-coming Expo in China to seek investment, particularly, into the auto sector.
“We cannot trade without China now.
Africa’s only hope in terms of civilisation and trade and industrialisation depend on China and that is how the country has a specific foreign policy with China to build this relationship together for both countries to benefit,” Mr. Baafi, said.
He urged Chinese companies to take advantage of the African Continental Free Trade Area (AfCFTA) initiative and establish their presence in Ghana.
“We are now at the beginning state of the concept so this is the time companies from China should be interested in coming to Ghana to set up companies, so they take advantage of the huge market the compact presents,” he said.
Mr Baafi indicated that, AfCFTA presented a market of 1.2 billion people with combined gross domestic product of $3.4 trillion.
“This clearly shows that anybody that sets up in Ghana now has a bright future.
Because you are going to benefit from a bigger market, you may not only be dealing with Ghana, but other markets in the African region,” Mr. Baafi, disclosed.
He also woos more Chinese companies to relocate to Ghana and Ghanaian businesses also try their best to set up businesses in China in order to benefit both.
"We are working on encouraging more local businesses to establishing or venturing into other sectors in China to building the business relationship", he said.
Getting closer to clients
Kwame Asante Nsiah, Director of Enclaves, Zones and Applications of Ghana Free ZonesAuthority, noted, that out of 226 companies in the Free Zone Enclaves, only twelve are Chinese firms.
He urged Hunan Province to make Ghana their hub, beat the shipping cost and get closer to their clients here in Ghana by manufacturing their products here.
Mr. Edward Ashong-Lartey, Director of Investor Services Division of Ghana Investment Promotion Centre(GIPC), who represented the Deputy Chief Executive Officer of GIPC, Stressed that, Ghana being the industrail hub of West Africa takes investment seriously.
He commended Hunan for the progress made so far, and want to see more of their investment in areas such as telecommunication, tourism, agriculture, and others in Ghana soon.
About 3rd China-Africa Economic and Trade Expo
The third China and Africa Economic and Trade Expo, is themed " Common Development for a share future", is meant to promote trade between China and the rest of the world.
The programme would be jointly organised by the Department of Commerce of Hunan Province Trade Development Bureau of the Ministry of Commerce, Foreign Affairs Office of Hunan Province, China Council for the Promotion of International Hunan Sub-Council and People’s Government of Changsha under the sponsorship of the Ministry of Commerce of the People’s Republic of China and People’s Government of Hunan Province.
The four-day programme would be held under the auspices of the Shaoyang Municipal People’s Government, it was organised by the Shaoyang Municipal Bureau of Commerce.
The Deputy Mayor of the Shaoyang Municipal People’s Government, Yan Lijn, in her remarks said the expo was expected to receive participants from a lot of African countries to showcase their products and services and also see what China offers.
She said the programme would also provide opportunity for businesses and investors to seal business deals and contracts.
The Deputy Director of Shaoyang Municipal Bureau of Commerce, said the 3rd China-Africa Economic and Trade Expo would bring new opportunities and inject new momentum for practical economic and trade cooperation and win-win partnership between Ghana and China.
Yan Lijn said, China is working to attract more Chinese companies to establish in Ghana particularly in the area of Free Zones enclave.