Ghana in Favourable Trade Balance With France

Ghana experienced a favourable trade balance with France during the first nine months of the year, Jean Paul Irrmann, Trade Commissioner at the French Embassy has said.

For the period up to September this year, Ghana exported 111 million Euros worth of goods to France whiles she imported goods that amounted to 85 million Euros during the same period, leading to an increase of 6.7% over last year's figures.

Speaking at a meeting with senior journalists in Accra last Wednesday, he said French sales to Ghana had increased by 82% in value from 62 million Euros in 1995 to 113 million Euros last year.

In 2002, French sales to Ghana reached 113 million euros, a decrease of 22%, compared to 2001's figure of 145 million euros. Imports of French products were mainly in the form of semi-finished products, forming 33%, heavy equipment, 21% and agro-products constituting 25%.

"These resulted in Ghana becoming the 106th client of France and France becoming the sixth supplier of Ghana," the trade commissioner said.

The meeting, attended by the ambassador, Mr. Jean-Michel-Berrit, was organized by the embassy to acquaint the media with the new aspects of French cooperation.

Ghana's exports to France in the same year amounted to 138 million euros, representing a rise of 35% compared to 2001 values. Ghana exported mostly agro-processed products in the form of raw and processed cocoa, fruits, canned fish and timber among others. This positions Ghana as the 81st supplier to France and France, the 6th client of Ghana.

t also reversed the trade balance in that year in favour of Ghana, with a surplus of 25 million Euros. The balance was in favour of France with a surplus of 43 million Euros.

Touching on French investments in the country, Mr. Irrmann said there were 60 French companies in the country, of which 20 were large and active in various economic sectors. The banking sector, early in the year, saw the take over of SSB Bank Limited by Societe Generale and Compagnie Fruitiere's investment into fruit farming in the country, focusing on pineapple. These investments represent almost half of the total foreign direct investments in the country since the beginning of the year.

He said there were other major companies dealing in petroleum, hotel activities, shipping, goods inspection, water and electricity infrastructures, wholesale or retail, agriculture and the aviation industry.

"Several French companies are interested in the privatization process of Ghanaian public utilities and companies," he said.

Ambassador Berrit also said there were several initiatives to develop bilateral trade between the two countries and with Africa as a whole.

These culminated in the organization of seminars, most recently on regional integration and promoting regional cooperation through business organized by the Ghana-France Chamber of Commerce in Accra in March. The regional seminar in Dakar was organized by Ubifrance on the topic: "Public / Private Partnership in infrastructure development" in which Ghana participated.