The Ecobank Group and the Bank of China have jointly opened the first China Desk at Ecobank Ghana to provide banking services to Chinese companies doing business in Ghana and also to Ghanaian businessmen who have or want to do business in China. The desk will be manned by two Chinese staff of the Bank of China and some Ecobank Ghana staff and will facilitate trade and investment between Ghanaian and Chinese businesses. The desk is a manifestation of an agreement between Ecobank and Bank of China in 2009 and subsequent signing of a pact in July, 2010. Managing Director of Ecobank Ghana, Mr. Samuel Adjei noted that the significance of the desk is based on records available at the Ghana Investment Promotion Council, which indicate that trade and investment between Ghana and China reached $2.05 billion last year, jumping from $1.3 billion in 2009. “This is the first time trade between Ghana and any country has crossed the two-billion-dollar mark and that is very significant for both countries.” “Records at the GIPC also show that Chinese companies top the list of registered companies in Ghana in terms of foreign direct investment (FDI)” he said. Mr. Adjei also noted that China’s foreign direct investment (FDI) has also grown by 80 per cent in recent years, with the scope of investment spanning mining ICT/telecommunication, manufacturing, tourism and agriculture. He said the China Desk would therefore provide an opportunity for the Bank of China to provide more focused solutions to its clients in Ghana and also allow Ecobank to expand its business in China. Mr. Albert Essien, Executive Director of Corporate Banking at the Ecobank Group and he told Adom News that the volume of trade and investment between China and Ghana now is one of the highest and there was need for more proactive measures like the China Desk that Ecobank has opened. He noted that the desk will provide a bouquet of banking services such as loans, project funding, and other support services to both Chinese and Ghanaian business persons whose activities have mutual benefits for Ghana and China. “In the coming months we will open similar desks in all 32 African countries that Ecobank operates in,” he said. The Minister of Trade and Industry, Ms. Hannah Tetteh urged Chinese investors in Ghana not to focus only on trade but also on investing in processing of raw materials in Ghana. She reminded them that Ghana was now focusing on processing more of its raw materials and adding value to them before exporting, so government was willing to support investors who would focus more on government’s vision than on those who are only interested in buying and selling. Ms Tetteh noted that even though trade between Ghana and China had reached record high in terms of the financial value, there was a huge disparity in terms of benefits, saying “Chinese businesses are benefitting more than Ghanaians are.” “I hope Ghanaian businesses will take advantage of the platform provide by Ecobank to close the gap as much as possible,” she said. The minister lauded Ecobank for the initiative and expressed the hope that other banks in the country would emulate them. The Head of Banking Supervision at the Bank of Ghana, Mr. Nicholas Sai also lauded Ecobank but urged them to manage the risks involved more effectively to prevent unforeseen challenges. He also pledged the BOG’s support for such initiatives. Ecobank Group Chief Executive, Arnold Ekpe said the initiative was significant for Chinese-Africa co-operation, adding that the desk is opened to Chinese companies in the rest of Africa and also to Ghanaian businesses with interests in China. Story by: Samuel Nii Narku Dowuona/Adom News/Ghana