South Africa, Ghana to deepen trade ties

Ghana and South Africa have committed to deepening existing trade ties for the mutual benefit of both countries.

Trade relations between the two countries has been increasing year-on-year. The volume of trade between the two countries, for instance, grew by 56 per cent between 2011 and 2013.

South Africa’s investment in Ghana is estimated at 64 billion rands. On the other hand, Ghana's current investment in South Africa stands at about US$7.4 million.

South African High Commissioner to Ghana, Ms. Lulama Xingwana said: “It is also an unequivocal statement that indeed our countries are committed to building sustainable partnerships. This visit reaffirms this commitment to the ever-growing bilateral relations between our countries. It also is about underscoring our resolve to open our markets more to alter the reality of our trade volumes.”

The importance of Ghana to South Africa as an anchor partner country within the West Africa region, is in a way being recognized and affirmed by the continuous presence of South African delegations in the country. We also salute the pioneering South African companies that have expanded their businesses to Ghana and contributed more than 170 million US Dollars in Capital Investment; Stanbic, Group Five, MTN, Multichoice, Shoprite, Game, Edcon, Trellidor, Bigen Africa, WBHO, Mr. Price, Old Mutual and Broll, to name just a few.”

She was speaking at the Ghana-South Africa business forum held in Accra.

The forum which was on the theme “Catapulting Economic Development Towards Shared Growth And Prosperity,” was to provide the opportunity for Ghanaian and South African business people to share ideas and establish contacts.

At the forum, there was an 18-member high-powered business delegation from South Africa who were in the country to promote South African products and services offerings

“The net effect of any such trade and investment is economic development and poverty alleviation that fundamentally contribute towards realizing intra-Africa trade,” Ms. Xingwana said.

An earlier statement from the office of the South African Trade Minister said, his ministry has prioritised engagements with Ghana and Nigeria as the two strategic markets following President Jacob Zuma’s successful state visits to the two countries.

“The mission will also create a platform to facilitate networking and the obtaining of information on the dynamics of the industries, as well as availability of partnership opportunities in both Ghana and Nigeria. It will also provide opportunities for relationship building among business communities,” the statement noted.

Ghana’s Minister for Trade and Industry, Alan Kyeremanteng, in a speech read on his behalf, said trade between the two countries has grown over the years and is expected to continue in the coming years for the mutual benefit of both parties.