Ghana, South Africa to promote trade.

 

The President, Mr John Dramani Mahama, and his South African counterpart, Mr Jacob Zuma, have affirmed their resolve to provide the conducive climate to promote trade and investment between the two countries.

They indicated that although trade and investment between the two countries had increased by 56 per cent between 2011 and 2013, it was crucial for them to further explore other business opportunities.
The two leaders made the commitment in separate addresses at a Ghana-South Africa business forum in Accra yesterday.
The forum was to provide the opportunity for Ghanaian and South African business people to share ideas and establish contacts.
At the forum, representatives of the Ghana Standards Authority (GSA) and the Bureau of Standards of South Africa signed a memorandum of understanding (MoU) for cooperation.
President Zuma is in the country on a three-day state visit and is accompanied by a high-powered business delegation.

President Mahama
In his remarks, President Mahama said Ghana was open for investment in the areas of energy, transportation, aviation and infrastructure expansion at the ports.
He said it had a comparative advantage of becoming a net exporter of electricity in the West African sub-region.
He said the ports, transportation and aviation sectors needed to be expanded to meet the growing demand for their services.
The President said he had tasked the Minister of Trade and Industry and the Ghana Investment Promotion Centre to reduce the bureaucracy in the registration and operation of companies.
Besides, he said, other measures would be taken to improve the situation.
He said South African companies were welcome to invest in the energy, transportation and aviation sectors.
President Mahama lamented that the trade portfolio among African countries was as low as 11 per cent, while their trade level with countries outside the continent was very high.
He, therefore, called for the removal of tariffs and other barriers to trade in Africa.
The President said since South Africa was the largest economy in Africa, it had the responsibility to lead the effort at promoting trade among countries on the continent.
He said Ghana was ready to help South Africa in a bid to enhance regional integration and trade among countries.

South African President
President Zuma stated that after China and India, Africa was the next growth pole, adding that the growth rate in Africa ranged between five and seven per cent for a couple of years now.
Besides, he said, Africa continued to witness growth, despite the global financial crisis, saying, "We are finally doing well."
Touching on Ghana, President Zuma said having achieved seven per cent economic growth for decades, Ghana had become the toast of many developing and developed countries.
He said trade between South Africa and Ghana had increased significantly, with many South African companies operating in Ghana.
The South African President stressed the need for the two countries to explore other business opportunities for the benefit of their peoples.

Volume of trade
South Africa’s investment in Ghana between 2003 and 2013 amounted to 64 billion rands. In 2012 alone, South African investment in Ghana was five billion rands.
Ghana's current investment in South Africa is $7.4 million.
In all, trade between the two countries grew by 56 per cent from 2011 to 2013.

DailyGraphic