Ghana has assured Canadian investors of her readiness to serve as the entry point to the Sub-region for opportunities in the regional market.
Under the African Continental Free Trade Area (AfCFTA) there is an estimated market size of over 1.2 billion consumers with a growing middle class.
Mr Alan Kyerematen, the Minister of Trade and Industry, said this when Madam Kati Csaba, the Canadian High Commissioner to Ghana, called on him in Accra.
He said Ghana and Canada had enjoyed close bilateral relations for over a century, covering high level of cooperation in trade, investments, development, and humanitarian assistance.
The Trade Minister said that had reflected in both countries sharing common membership in many international organisations such as the United Nations, the Commonwealth, and the World Trade Organisation, where in most cases Ghana and Canada found common grounds on many global issues.
He recounted Canada’s contributions to the development of the country in many critical roles stimulating sustainable economic measures and reducing barriers to doing business.
It was also evident in climate-smart agriculture as an engine for inclusive and sustainable economic growth, improving access to and use of affordable and nutritious foods, increasing access to sanitation and hygiene services in under-served areas and promoting gender equality and the empowerment of women and girls, Mr Kyerematen said.
“Trade between the two countries has grown steadily and doubled over the past decade from about $201 million in 2010 to over $540 million in 2019,” he said.
Mr Kyerematen said the country intended to leverage that strong bilateral relations by making Canada a destination market for value added goods under Ghana’s Industrial Transformation Programme.
In that regard, he said, Ghana could benefit from Canada’s experience in vehicle assembly and manufacturing of machinery and component parts, fertilizers and industrial chemicals.
The Ministry would actualise that by establishing strategic platforms such as the Ghana–Canada Business Council Act to address potential commercial relations challenges and facilitate trade and investments between the two countries.
The Council would further support the Ministry’s on-going efforts to identify business opportunities and other trade and investments related activities that could be exploited by private sector operators of both countries for the enhancement of bilateral economic, trade and investment co-operation, Mr Kyerematen said.
Madam Csaba, on her part, said Canada was looking forward to exploring investment avenues in Ghana, especially opportunities offered by government’s One District, One Factory programme.