South Africa keen on balancing trade relation with Ghana

ghana sa 10Both the countries are eager to strengthen trade ties in coming days. (Image source: World Bank Photo Collection/Flickr)South Africa is keen on balancing two-way trade with Ghana and to unlock new investment and trade opportunities between the respective countries, said Lerato Mataboge, deputy director-general of Trade and Investment South Africa and Trade Invest Africa (TIA) at the Department of Trade and Industry (the dti)

Mataboge said this during the South Africa-Ghana Business Forum which took place on the margins of state visit to South Africa by Ghanaian President, Nana Akufo-Addo in Pretoria.

According to Mataboge, it was imperative for South African businesses to invest in Ghana in order to support economic diversification and create value-chains as well as for the improved presence of Ghanaian goods and services in the South African market.

“Today’s gathering offers our respective businesspeople the opportunity to renew the economic relationship and strengthen economic ties. We are here to deliberate on how we can collectively address our two countries’ challenges to economic growth by beneficiating our resource endowments, accelerating infrastructure development, creating value chains and deepening regional integration,” said Mataboge.

Mataboge further mentioned that opportunities in aviation, tourism and construction, liquefied natural gas (LNG), warehousing as well as agro-processing and other agricultural production in Ghana have been identified for collaboration going forward.

“We are ready to work with Ghana to contribute to the realisation of some of their infrastructure and manufacturing project deliverables that are listed in their investment projects priority list,” she indicated.

“Ghana has a target of US$2.8bn this year alone, South Africa has a target of US$100bn over the next five years. There remains a lot of room for growth in terms of engagements between the private sectors of our two countries and in fostering more public-private partnerships. Our discussions today should result in a clear way forward in terms of short to medium term goals for forging a stronger bilateral trade and investment relationships. This is the plan that our two Heads of State will expect from us,” she said.

The Ghana Director-General of Investment Promotion, Mr Yofi Grant called for a regionalisation of African economies.

“As Africa, we cannot continue exporting resources to the other world and playing an insignificant role in the lower base end of the economy. We are looking for real African partnerships in oil, and gas exploration, rail, road infrastructure, real estate, the establishment of industrial parks and agriculture,” he said.

“I believe that these companies are placed in the best position to give testimonies on the welcoming business climate that awaits prospective investors in my country,” said Grant.

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