Africa News Bulletin

Ghana proposes establishment of Business Council with UAE

Trade and Industry Minister, Alan Kyeremanten, has proposed the setting up of the Ghana-Emirati Business Council (GEBC) to help boost trade, finance and investments with the United Arab Emirate.

“The Ministry of Trade and Industry is looking forward to working with its counterpart in UAE through the establishment of a new strategic framework, Ghana-Emirati Business Council, which seeks to significantly boost cooperation in trade, finance, and investments”, he disclosed at the Ghana Business Forum in Dubai – UAE as part of Ghana’s participation in the ongoing EXPO 2020.

The council is expected to provide the catalyst to improve trade between the two countries, with value of trade averaging over $1.7 billion between 2011 and 2019, according to data from the Trade Ministry.

The Organisation for Economic Co-operation and Development (OECD) which boasts of 38 member countries, estimates that only Japan ($24bn), India ($26bn) and Saudi Arabia ($18.98bn) imported more from the UAE than Ghana did in 2019.

Again, only Burkina Faso ($32m), Togo ($161m) and Sierra Leon ($60m) imported more from Ghana than the UAE did in the same year.

The data presents a significant opportunity for the two countries to raise their economies through enhanced trade and investment.

Ghana and more than 190 countries are participating in the event which has brought governments, experts as well as global business leaders under one roof to discuss matters of global economic interests.

Ghana finds the forum necessary and timely as the two countries seek to advance cooperation in strategic areas of investment required to enhance industrial transformation and to boost trade and investment.

“This platform will not only enhance partnership between Ghana and UAE, but will enable us to share experiences, as well as exchange information on priority sectors, special initiatives, and opportunities readily available for investments by our respective private sector operators”, the Trade Minister said.

Ghana has the last five years working towards restoring macroeconomic stability, stimulating the private sector through business regulatory reforms, and restructuring the financial sector to make more funds available to private sector players.

Mr. Kyeramanten said this presents a resilient foundation for economic transformation.

“It is against this background that Ghana has since 2017 focused attention on laying a strong foundation for economic transformation by restoring macroeconomic stability, stimulating the private sector through business regulatory reforms, and restructuring the financial sector to ensure easy access to finance”.

“We also embarked on ambitious and transformative flagship programmes such as the One District One Factory (1D1F) Initiative, and Planting for Food and Jobs programme aimed at repositioning the country to become the Manufacturing Hub for Africa”, he added.

Mr. Kyeremanten is part of top government delegation in Dubai, led by President Akufo-Addo, to woo investors at the EXPO.

Original story on MyJoyOnline

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