Alan John Kyerematen, Ghana’s Minister of Trade and Industry, is calling for improved trade ties between Ghana and Canada in order to raise trade volumes between the two nations.
Ghana and Canada have had strong bilateral ties for over a century, with high levels of commerce, funding, and growth cooperation.
Furthermore, trade between the two countries has gradually increased over the last decade, more than doubling from about $201 million in 2010 to more than $540 million in 2019.
Mr. Kyerematen said efforts must be increased to develop strategic forums such as the Ghana–Canada Business Council, which would serve as a forum to discuss future economic ties and promote trade and investments between the two countries, during a meeting with Canadian High Commissioner to Ghana, Madam Kati Csaba.
“Trade between our two countries has grown steadily and indeed doubled, but this is an area I believe there is more scope for improvement. I joined the president on a visit to Canada and from the discussions that we had with the private sector, I realized that they are so many significant opportunities that we have not been able to tap. So I believe that during your term of office as high commissioner, we will be able to explore some of these opportunities.
“I talk about all these opportunities because I would like us to adopt a new framework for collaboration that goes beyond the normal Ghana Development Cooperation framework. I will like us to explore the possibility of establishing a Ghana-Canada business council which would provide an opportunity for us to deepen our engagement particularly in the area of the business and private sector development,” he said.
He reassured Canadian investors that Ghana was able to act as an entry point for Canadian investments in the sub-region, allowing them to take advantage of regional business openings across the African Continental Free Trade Area (AfCFTA), which had a market value of over 1.2 billion customers.
He outlined Canada’s commitments to the country’s growth in a variety of ways, including encouraging sustainable economic policies and lowering barriers to doing business.
He continued, “It was also evident in climate-smart agriculture as an engine for equitable and sustainable economic development, expanding access to and usage of safe and healthy nutrition, growing access to sanitation and hygiene facilities in underserved areas, and encouraging gender equity and empowerment of women and girls.”
He also stated that Ghana wished to take advantage of the two countries’ close bilateral partnership by rendering Canada a destination market for value-added products manufactured in Ghana as part of the Ministry of Trade and Industry’s Industrial Transformation Programme (MOTI).
According to him, Ghanaian and Canadian investment collaborations in Ghana may profit from Canada’s expertise in vehicle assembly, machinery and component parts production, fertilisers, and industrial chemicals under the initiative.
The concept of creating a business council in Ghana to facilitate trade and investment between the two countries was accepted by the Canadian High Commissioner.
She praised Ghana for hosting the AfCFTA secretariat and for taking the lead in its development.
Ms. Csaba said that the AfCFTA provided possibilities for intra-African exchange, and that Canada, as a trading nation, was considering how it might profit from the links and expand its trade on the continent.
She said that Canada and Ghana had enjoyed strong cooperation in the areas of business and exchange over the years and that the two countries were poised to extend their trading partnership.
She said, “We are aware of Ghana’s initiative to step beyond assistance and into more mature ties with other countries.”
Source: ATLFMNEWSROOM
