Business News of Thursday, 21 February 2013

Source: Daily Graphic

Ghana targets more exports to China

Ghana is making efforts to export more products to China to close the trade imbalance between the two countries that currently favours China, Vice-President Kwesi Bekoe Amissah-Arthur has said.

In that regard, he said, Ghana was exploring new markets for cocoa beans and products and other non-traditional commodities such as garments and artefacts.

The Vice-President made this known when a Chinese delegation, led by Ambassador Gong Jianzhong, called on him at the Flagstaff House in Accra Wednesday.

The relationship between the two countries dates back to the era of Ghana’s independence, with China supporting Ghana largely in its infrastructural development.

Ghana has targeted to export about $5 billion worth of non-traditional products and the Chinese market is a key destination.

“We are developing into new trade relations so that Ghana can export more to China,” the Vice-President stated.

He lauded the Chinese government for its immense support for Ghana, particularly the $3 billion loan from the China Development Bank (CDB) which, he said, was popular with Ghanaians.

The last Parliament approved a number of financial agreements between Ghana and the CDB for the financing of a number of infrastructure projects under the Ghana Shared Growth and Development Agenda (GSGDA), in accordance with Article 181 of the 1992 Constitution and sections 3 and 7 of the Loans Act, 1970 (Act 335).

Mr Amissah-Arthur announced that President John Dramani Mahama would soon send a powerful delegation to China to resolve the challenges surrounding the issue.

Ambassador Jianzhong, for his part, pledged to promote trade and bilateral relations which had developed between the two countries over the years.

“We will build a modern society that will ensure that our people live comfortably. We will support Ghana’s better Ghana agenda,” he said.