President Cyril Ramaphosa noted on Tuesday the important relationship South Africa has with Ghana, specifically in expanding trade and investment.
The president also highlighted the need to find new pathways for enhancing cooperation beyond the existing areas covered by the Bi-National Commission (BNC).
Ramaphosa made these comments during the second session of the South Africa-Ghana BNC held at the Department of International Relations and Cooperation's OR Tambo Building in Pretoria.
“In addition to the many areas of cooperation that the BNC covers, it is important that we explore how best both countries can increase trade and investment among ourselves. The purpose of the Business Forum that will take place on the margins of this BNC is to expand trade and investment between our two countries,” Ramaphosa said.
South African companies in Ghana
Ramaphosa acknowledged that Ghana is host to several South African companies and these businesses are eager to expand their investments in the African nation.
“Our companies are keen to expand their investments in Ghana and look to us to work together to improve the business environment. We invite investors from Ghana to look at opportunities in our country,” he said.
He also called for more collaboration between the two countries' private sectors and State-owned entities.
Ramaphosa said to Ghanaian President Nana Addo Dankwa Akufo-Addo that he hoped the two countries would work together, specifically on bidding procurement contracts instead of going to other countries outside of Africa.
He noted that this would be more desirable and commercially viable for both counties.
“There is also scope for collaboration in infrastructure between our two economies, particularly in the building of dry ports, railway networks, airports and hospital facilities. There are also opportunities to be explored in the pre-chemicals sector.
“As we are both coastal countries, maritime shipping and the related economy holds potential for us and opportunities should be explored further in this regard. We need to work together to reverse the decline in trade between our countries over the past four years,” he concluded.
SA products in Ghana, Egypt, Rwanda and Tunisia
In February, Ramaphosa officiated the launch of SA's first shipment and preferential trading under the African Continental Free Trade Area (AfCFTA) at the Port of Durban.
These Proudly South Africa products were shipped to Ghana, Rwanda, Tunisia and Egypt.
The successful implementation of the AfCFTA will lead to diversification of exports, increased productive capacity, acceleration of growth, increased investment, increased employment opportunities and incomes, and most importantly, broaden economic inclusion, both in South Africa and the rest of the continent, government said.
Ramaphosa said AfCFTA will accelerate the development of regional and local value chains, and this in turn will offer investors access to a population of 1.7 billion people and a continent with a fast growing GDP.
IOL BUSINESS