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Business News of Thursday, 25 May 1995

Source: --

GHANA RECORDS 19.4 MILLION POUNDS TRADE SURPLUS WITH U.K

Ghana's trade surplus with the United Kingdom rose from a modest 3.6 million ponds sterling in 1994, to 23 million pounds as at March this year, Mrs Emma Mitchell, Minister of Trade and Industry, said yesterday.

Opening the first Ghana-Britain Exhibition at the Ghana Trade Fair Centre, Mrs Mitchell attributed this to "the growing variety in the composition of our trade with the UK.

The week-long fair, dubbed `Britain and Ghana, Partners in Progress,' is aimed at increasing trade between the two countries. Between 1993 and 1994, she said, non- traditional exports registered 100 per cent increase, among which were aluminium, natural rubber, fresh vegetables and palm oil

Mrs Mitchell was happy that other products like pineapple, yams, cassava, sawn wood and cocoa butter also registered appreciable trade record. She did not elaborate.

Mrs Mitchell cautioned Ghanaians exports to be wary of the threat and challenges posed by the international trading environment. Out of developing countries' total shares of 32.3 per cent of export to the World's various region in 1993, Asia's share was 17.4 per cent compared with Africa's share of 21 per cent She said Ghana's export earning is around one billion dollars, adding that it is in deficit to out import as we face threats posed by regional economic blocks, erosion of preferences and the uncertain afermath of Uruguay round.

This collaborative fair "offers us an opportunity to transfer aid to trade and to sustain the leadership that the UK has, as our premier trading partner in the European Union.

She commended the UK for her immense contribution to Ghana's economic recovery efforts, particulary the cancellation of 51 million poubds Ghana owed her.

Dr David Walker the British High Commissioner, recounted the long standing trade relations between Ghana and Britain to which the fair was giving formal expression.

He said Britain would be exploring with a view to exploring a wide range of sectors such as in financial services, mining and manufacturing.

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