COVID-19 Pandemic Crisis: Ghana Recording Balance Of Trade Surplus Over The Past Ten Years; Alan Kyerematen declares at 2020 Dubai EXPO
The Trade and Industry Minister believes that the ongoing Business Forum and Ghana’s participation in the Expo 2020 Dubai
Freeman Koryekpor Awlesu Greater 
Ghana's Trade Minister of Trade and Industry, Mr. Alan John Kwadwo Kyerematen has stated the trade continues to be strong even with disruptions from the world novel coronavirus (COVID-19) pandemic where total trade stood at over US$2 billion with Ghana consistently recording a balance of trade surplus over the past 10 years.
Mr. Kyerematen disclosed this when he addressed participants at the ongoing Business Forum in Dubai and deemed it necessary and a timely conversation to have, like Ghana and United Arab Emirates (UAE) seek to advance cooperation in strategic investments needed to harness our vast resources for industrial transformation and to boost trade and investment among our two countries.
The Trade minister was optimistic that Ghana can be used as the strategic entry point for Emirati Businesses with the coming into force of the African Continental Free Trade Area (AfCFTA) Agreement and effective implementation of other preferential trade agreements such as the Ghana-EU Economic Partnership Agreement, and Ghana-UK Trade Partnership Agreement.
According to him, the platform will not only enhance the partnership between Ghana and UAE, but will enable participants to share experiences, as well as exchange information on priority sectors, special initiatives, and opportunities readily available for investments by our respective private sector operators.
In his address, he said “the United Arab Emirates has emerged as one of Ghana’s major trading partners with the the the the the value of trade averaging over US $1.7 billion between 2011 to 2019. Trade continues to be strong even with disruptions from the COVID-19 Pandemic where total trade stood at over $2 billion with Ghana consistently recording Balance of Trade Surplus over the past 10 years”
Going on, the hon. minister intimated that the onset of the COVID-19 pandemic has further increased the opportunity for enhancing the productive capacity of the Ghanaian private sector through strategic partnerships with foreign counterparts.
He stated that the disruption of global supply chains caused by the pandemic has therefore reinforced the necessity for closer collaboration so that we can boost our mutual self-sufficiency, strengthen our local economies, and reduce our dependence on the production of critical goods by companies operating from outside Ghana.
“It is against this background that Ghana has since 2017 focused attention on laying a strong foundation for economic transformation by restoring macroeconomic stability, stimulating the private sector through business regulatory reforms, and restructuring the financial sector to ensure easy access to finance.
"We also embarked on ambitious and transformative flagship programs such as the One District One Factory (1D1F) Initiative, and Planting for Food and Jobs program aimed at repositioning the country to become the Manufacturing Hub for Africa,” he said.
He asserted that Ghana is empowering its private sector to focus on selected value chains including Industrial Starch, Textiles & Garments, Pharmaceuticals, Cashew, Horticultural Products, Fish and Fishery Products, Cocoa, Automobiles & Vehicles, Industrial Salt, and integrated aluminum and bauxite, among others.
The Trade and Industry Minister believes that the ongoing Business Forum and Ghana’s participation in the Expo 2020 Dubai, will boost the already strong bond of economic cooperation through strategic partnerships among our private sectors.
He, therefore, seized the opportunity to invite UAE investors to take advantage of the emerging opportunities offered by Ghana in the strategic areas in the Petrochemicals, Automobile, Garment, and Textiles, Iron and Steel, Bauxite, and Aluminium, and Pharmaceutical sectors.
“The Ministry of Trade and Industry is looking forward to working with its counterpart in UAE through the establishment of a new strategic framework, Ghana-Emirati Business Council, which seeks to significantly boost cooperation in Trade, Finance, and Investments” he concluded.
