South Africa and Ghana Forge Deeper Trade and Investment Ties

President Cyril Ramaphosa has stressed the importance of expanding trade and investment between South Africa and Ghana, urging both nations to explore new avenues of cooperation beyond the existing frameworks established by the Bi-National Commission (BNC).

Speaking at the second session of the South Africa-Ghana BNC held in Pretoria, President Ramaphosa emphasized the need for increased collaboration to boost bilateral trade and investment. He highlighted the upcoming Business Forum as a crucial platform for expanding economic ties between the two countries.

President Ramaphosa noted the significant presence of South African companies in Ghana and expressed the desire for further investment opportunities in Ghana. He stressed the importance of collaboration between the private sectors and State-owned entities of both nations, emphasizing the potential benefits of bidding for procurement contracts within each other’s territories.

The President highlighted various sectors for potential collaboration, including infrastructure development, maritime shipping, and the pre-chemicals industry. He also emphasised the need to reverse the decline in trade between the two countries over recent years, particularly with the advent of the African Continental Free Trade Area (AfCFTA).

President Ramaphosa hailed the introduction of preferential trading under the AfCFTA as a significant development that would reshape trade dynamics across the continent. He emphasized the opportunities for growth and development that this agreement would bring to African countries.

Also Read: African Continental Free Trade Area (AfCFTA) Set to Expand To 30 Countries Come 2024

The BNC between South Africa and Ghana, inaugurated during President Nana Akufo-Addo’s hosting of President Ramaphosa in Accra in 2020, has facilitated cooperation through 24 agreements and memoranda of understanding covering various sectors.

President Ramaphosa stressed the importance of accelerating the implementation of these agreements and finalising discussions on additional ones. He highlighted recent positive developments in bilateral relations, such as the reciprocal visa exemption for ordinary passport holders, which has facilitated increased travel and strengthened various aspects of bilateral relations.

Furthermore, President Ramaphosa emphasized the need for enhanced efforts to promote peace and security in Africa, particularly in light of various conflicts and challenges across the continent. He also underscored the importance of democratic governance and expressed concern about unconstitutional changes of government in several African countries.

President Nana Akufo-Addo of Ghana, speaking at the closing ceremony of the Ghana-South Africa Business Forum, commended the growing influence of South African businesses in Ghana under the AfCFTA. He highlighted Ghana’s commitment to creating a conducive business environment and urged South African investors to seize opportunities in Ghana.

Both leaders expressed satisfaction with the progress made in bilateral cooperation and pledged to continue working together to unlock new opportunities for mutual growth and prosperity. They emphasised the importance of sustained collaboration and partnership in driving innovation, economic development, and sustainable growth for the benefit of their citizens and the wider African continent.