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Amidst ongoing appeals for more investments in Ghana, President of the Republic Nana Addo Dankwa Akufo-Addo has praised the expanding influence of South African companies operating in Ghana under the African Continental Free Trade Area.
President Akufo-Addo’s magic wand has paid off handsomely for commercial relations between the two nations, with Ghana’s ever-growing exports to South Africa reaching a record US$546 million worth of items, compared to roughly US$413 million in imports from South Africa.
During President Cyril Matamela Ramaphosa’s state visit to Ghana in December 2021, the Akufo-Addo administration made significant progress toward this upward trajectory when it decided to rename the existing mechanism for bilateral relations from the Permanent Joint Commission for Co-operation (PJCC) to the Bi-National Commission (BNC).
Speaking at the Ghana-South Africa Business Forum’s closing ceremony on Tuesday, March 12, 2024, in Johannesburg, South Africa, President Akufo-Addo said that the Bi-National Commission, which includes the creation of a Joint Trade and Investment Commission (JTIC) for the implementation of the Memorandum of Understanding (MoU) on Economic and Technical Cooperation, would, among other significant interventions, expand the scope of the two nations’ trade and economic ties.
He expressed his happiness with the valuable relationships, alliances, and profits realized from the event and praised the dedication of government representatives, industry leaders, and specialists in both nations to make the event a success.
Describing the timing of the event as auspicious, he was even happier to note that it came at the time of South Africa’s official launch of preferential trading under the AfCFTA agreement, which he went to say will, “is expected to lead to diversification of exports, increased productivity and capacity, acceleration of economic growth, investments, the creation of employment opportunities, and, most importantly, broaden economic inclusion in South Africa and the rest of the continent.”
“Today, it is safe to say that the AfCFTA framework has provided a unique advantage for intra-African trade and Ghana is at the forefront of implementing this agreement,” he added.
He noted that, with Ghana trading amongst a number of African countries, including South Africa, Kenya, Tanzania and Cameroon under the AfCFTA Guided Trade Initiative (GTI), which was launched in 2022 to pilot the implementation of the AfCFTA agreement, he said, “the Initiative, which allows commercially meaningful trading, and tests the operational, institutional, legal and trade policy environment under the AfCFTA, has thrown more light on how to create an enabling environment for the private sector to thrive and foster economic relations among Africa countries.”
“I am confident that Africa would be able, finally, to take a front row seat in the global market with the full commitment of Member States towards the implementation of the AfCFTA,” he urged.
On Ghana’s enviable business climate, he told that gathering that, “Ghana is a haven of peace, security and stability, indeed, the safest country in West Africa. Legitimate investments are protected. We are a country where the principles of democratic accountability and respect for the rule of law, individual liberties and human rights are now firmly entrenched in our body politic, and where the separation of powers is real in promoting accountable governance under the rule of law.
Based on the firm conviction of his New Patriotic Party government on the crucial role of the private sector in the development of our national economy, he pointed out that, “government’s ongoing digitalization drive is formalising the Ghanaian economy, reducing the cost of doing business, and facilitating interactions between businesses.”
He said, “it has enabled Ghana streamline the processes and procedures of many service providers, including e-business registration systems at the Registrar General’s Department, paperless port clearance system at our ports, the implementation of mobile money interoperability to provide wider access to financial services electronically, a digital addressing system with unique addresses for all properties in Ghana, and now a performance tracker that allows citizens track the progress of projects or initiatives undertaken by Government.”
“The implementation of Government’s flagship programmes, such as the Programme for Planting for Food and Jobs; “One District, One Factory” initiative; the Planting for Food and Export Programme; the Port Modernisation Programme; the Industrial Transformation Agenda; the nascent Automotive Development Sector; the development of an Integrated Bauxite Aluminum Industry; the development of an Integrated Iron and Steel Industry; the Ada Songhor Salt Development Project; and the new Integrated Trade Facilitation and Customs Management System (ICUMS/UNIPASS) are all interventions designed to transform the Ghanaian economy, and help position Ghana as the manufacturing hub of West Africa,” he added.
He also welcomed South African investments and participation in undertaking many infrastructural projects, such as the Keta Port Project, aimed at decongesting the Tema and Takoradi Ports.
Reminding them of the fiscal incentives in Ghana for investors, he said, “not only is Ghana the best place for doing business in West Africa, but she is also the preferred destination for a perfect blend of mineral resource potential, stable regulatory environment, favourable fiscal regime, and socially responsive mining in Africa” and urged the private sector in South Africa to take advantage of the business-friendly climate in the country to invest in Ghana.
Source: Ghanatodayonline.com
