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Ghana, Egypt hold business forum to boost trade, investment

Ghana and Egypt hold business forum to strengthen the mutual cooperation between the two countries through the promotion of trade and investment.

The Ghana-Egypt forum is organised through the collaborative efforts of the Ghana National Chamber of Commerce and Industry and the Egyptian Exporters Association with support from the Embassy of Egypt.

Addressing the forum, the president of the Ghana Chamber of Commerce and Industry, Nana Dr. Appiagyei Dankanwoso I, said Ghana has enjoyed a fruitful and mutually beneficial relationship with Egypt since independence and continues to do so despite a slight decline in February 2011.

He was hopeful the business forum “will further strengthen the strategic partnership between Ghana and Egypt towards bringing economic and social benefits by creating new opportunities for trade, investment, employment and above all improving the living standards of our people.”

“The available trade statistics shows that there are more opportunities to be tapped for our mutual economic benefits,” he said.

Intra-regional trade

About 12 – 20 percent of Africa’s trade is intra-regional, while it is 22 percent for South America, 40 percent for North America, 50 percent for Asia and 70 Western Europe.

This then emphasizes the need for Africa to deepen its intra-regional trade and for us as Africans, the Continental Free Trade Area (CFTA) agreement is a unique opportunity to drive Africa’s transformation and development.

Nana Dr. Appiagyei Dankanwoso I, said the Ghana National Chamber of Commerce and Industry welcomes and is in strong support of government’s Industrial Transformation Agenda with emphasis on ensuring a strong private sector participation in the overall growth and development of the country.

Revitalization programme

The Industrial Transformation Agenda comprises the Industrial Revitalisation Programme, development of Strategic Anchor Industries initiative and the establishment of Industrial Parks in all the regions.

Notable in the Industrial Revitalisation Programme are the “One District, One Factory” policy and the stimulus package which focus on reviving the industrial sector of the Ghanaian economy.

The “One District, One Factory” policy focuses on decentralising industrial development across the 216 districts whereas the stimulus package targets financially distressed but economically viable existing businesses across the country to revive them towards business growth.

There are a myriad of investment opportunities in Ghana which cut across the economy including, but not limited to, infrastructure and real estate development, healthcare and pharmaceuticals, agriculture and agro-processing, energy generation and mining, banking and finance, information and communication technology, and textiles and clothing.

Trade relations

Available trade statistics for 2016 from the International Trade Centre (ITC) indicates that Ghana’s exports to Egypt was US$15.3 million representing less than one percent (0.1%) of Ghana’s total exports although this represents 4.8 percent increment over the 2012 figures.

Ghana’s imports from Egypt amounted to US$ 69.4 million representing less than one percent (0.6%) of Ghana’s total imports.

Major trading products include minerals, pharmaceutical products, machinery, cereals, electrical and electronics, aluminium, articles, rubber, cotton etc.