Ghana and South Africa well-positioned to lead Africa’s economic transformation – Trade Minister
Minister for Trade and Industry, Alan Kyeremanteng has noted that Ghana together with its South African counterpart, are well-positioned to lead the continent’s economic integration and transformation.
According to the Trade Minister, the African Continental Free Trade Area Agreement (AfCFTA) presents Ghana and South Africa the opportunity to lead and chart a new pathway for the continent.
The assertion by the Minister is in view of the strong bilateral trade ties between the two countries.
Delivering an address at the Ghana – South Africa Business Forum on Sunday, the Trade Minister averred that with the coming into force of the African Continental Free Trade Area (AfCFTA), trade and investment between the two countries will improve significantly. adding South Africa is one of Ghana’s most important bilateral trade partners.
“Ghana and South Africa are well positioned to lead Africa’s economic integration and transformation, with the coming into force of the AfCFTA, trade and investment between Ghana and South Africa, will continue to improve significantly,” remarked the Trade Minister.
According to the South African President, Cyril Ramaphosa, his three-day State visit to Ghana exemplifies South Africa’s commitment to the principles of unity, partnership and solidarity with Ghana.
“Together with our sister Ghana, we will emerge from this visit stronger in terms of economic development and integration, through the operationalization of the African Continental Free Trade Area (AfFCTA).
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“The State visit also marks one more step in the journey that we believe could redefine our economic ties and set us collectively on a trajectory that contributes to growth across our region. We expect the bilateral agreements that will emerge from this State visit to light the torch for sub-regional, regional and continental cooperation,” he remarked.
Meanwhile, total foreign direct investment from South Africa to Ghana according to the Ghana Investment Promotion Centre (GIPC) has reached $1.2 billion.
According to the GIPC, there are over 200 South African companies registered in Ghana and over the last ten years South African companies have undertaken over 170 projects valued in excess of $1.2 billion in capital investment in the country.
For the year 2020, the GIPC attracted $2.65 billion in total Foreign Direct Investment (FDI) with South African corporates investing just over $242 million.
Touching on the trade relations between the two countries, Mr Grant noted South African exports to Ghana amounted to $375 million in 2019 with exports from Ghana to South Africa reaching $1.97 billion in the same year.
