President Cyril Ramaphosa has emphasised the importance of expanding trade and investment between South Africa and Ghana, highlighting the need to enhance co-operation beyond the Bi-National Commission (BNC).
Ramaphosa was speaking at the second session of the South Africa-Ghana BNC in Pretoria on Tuesday.
“In addition to the many areas of co-operation that the BNC covers, it is important that we explore how best both countries can increase trade and investment among ourselves.” He said the business forum taking place on the margins of the BNC aimed to expand trade between the countries.
“Ghana is host to several South African companies. 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 collaboration between the private sector and state-owned entities was particularly important.
Ramaphosa told Ghana President Nana Addo Dankwa Akufo-Addo, that bidding for procurement contracts in each other’s countries, instead of sourcing from outside the continent, would be commercially viable. He said South African companies, including several in the banking sector, had expressed interest in exploring opportunities in line with Ghana’s investment plans.
“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 said the African Continental Free Trade Area (AfCFTA) was poised to substantially reshape trade dynamics across the continent.
“On the 31st of January 2024, South Africa sent its first shipment to Ghana and other countries under the AfCFTA agreement. This is an important first step. For many African countries, the start of preferential trade will create great opportunities for growth and development,”
The BNC between South Africa and Ghana was inaugurated in Accra in 2020. There are 24 agreements and memoranda of understanding between South Africa and Ghana covering various areas of economic, technical, scientific, social and cultural co-operation. –SAnews.gov.za
