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Business News of Thursday, 27 February 2020

Source: Laud Business

Switzerland partners finance ministry to improve extractive sector revenue management

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The Ambassador of Switzerland to Ghana, Mr Phillip Stalder, has revealed that his country is partnering with the Ministry of Finance (MoF) in Ghana to improve the management of revenues from natural resources.

According to him, this partnership is a mark of the cordial relationship that exist between the two countries.

His comments come in the wake of a historic two-day working visit President Nana Addo Dankwa Akufo-Addo will be embarking on to Switzerland on Friday February 28 and Saturday February 29, 2020.

Mr Akufo-Addo will be the first president of Ghana, since 1957 from a sub-Saharan country to officially visit Switzerland.

The Swiss Ambassador to Ghana said in at a press conference in Accra on Wednesday February 26 that: “The Bilateral relations between Ghana and Switzerland are excellent and rich in tradition. In fact, the embassy of Switzerland in Ghana this year celebrates its 60th anniversary.

“For Switzerland, Ghana is of growing importance in tackling global challenges and cooperating politically and economically. This two days’ state visit demonstrates the growing depth of our long-standing and friendly partnership.

“Ghana is indeed Switzerland’s second biggest trading partner in Africa. In 2019, Switzerland recorded a trade rate of 2.5 billion USD with Ghana. Gold and cocoa exports to Switzerland account for the majority of trade.

“Under its development cooperation programme, Switzerland has invested more than 370million dollars and support Ghana to diversify its economy and use its resources sustainably.

“For example, Switzerland works with the Ministry of Finance to improve the management of revenues from natural resources.

“Switzerland also cooperates with Ghana under the Extractive Industry Transparency Initiative (EITI) and launched the Swiss Platform for Sustainable Cocoa with the aim of improving social, environmental and economic sustainability of the cocoa sector.”

For his part, the Head of Cooperation at the State Secretariat for Economic Affairs (SECO) in Ghana Mr Mathias Feldmann, said “Ghana has been one of the few countries for the economic development cooperation of the State Secretariat for Economic Affairs (SECO) since 2002. It will remain one of the next strategy period.”

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