Ghana and Turkey explore ways to deepen trade relations

Company News on Tuesday, November 27, 2018

Source: ghananewsagency.org

2018-11-27

The Ghana Chamber of Commerce and Industry (GNCCI) held a business-to-business meeting with its representatives in Turkey in the hope of closing the 57 percent trade deficit it has with Turkey.

According to Nana Appiagyei Dankawoso I, chairman of the GNCCI, statistics from the International Trade Center (ITC) showed that Turkey was the third largest trading partner of sub-Saharan Africa. Ghana's exports to Turkey in 2017 reached $ 128 million, while its imports from Turkey amounted to $ 224 million.

This represents a 57 percent trade deficit that could be filled in the mutual interest of both countries, he said.

Nana Dankawoso I, at the meeting between Ghana and Turkey held in Accra on Monday in collaboration with the Ghana-Turkey Business Council, said that the GNCCI was ready to support any program that promotes trade and offers local industries a competitive edge on the international market.

Mr. John Alan Kyeremanteng, Minister of Trade and Industry, welcomed the timing of the event, saying the timing was right for Ghana and Turkey to return to the historical friendships that they enjoyed over the years, but that had not been instructed to deepen them.

Turkey, he noted, has become one of the most competitive industrialized economies in the world, while Ghana is now recognized as one of the most attractive investment destinations in the world. African continent.

"… If Ghana should seek to work with a partner, I think it should be Turkey and that there is one country in Africa with which Turkey should be looking to do business, I think it should be Ghana, "he said.

He explained that the government's economic transformation plan, which was based on the four pillars of creating a resilient macroeconomic environment, modernization of agriculture, industrial transformation and infrastructure development, demonstrated its commitment to make Ghana attractive for investments.

He added that the emphasis put by the government on the decentralization of industrialization through programs such as the factory of a district, an industrial park of a region and Ten other strategic anchor sectors, including petrochemicals, the integrated aluminum and bauxite industry and pharmaceuticals, presented strategic entry points for Turkish investors in Ghana .

Nesrin Bayazit, ambbadador of the Turkish Republic to Ghana, said Turkey is celebrating 60 years of diplomatic relations with Ghana this year. Turkish companies have invested in Ghana in sectors such as construction, manufacturing and services.

She noted that the existing political stability, strong democracy and qualified youth made Ghana a choice for Turkish investors.

"At the moment, Turkish investments in the construction sector in Ghana amount to half a billion dollars," she said, adding that Turkey was aiming for an increase in $ 39 billion with Ghana in the near future.

She also noted that the Turkish government supported, among others, Ghana's flagship projects such as 1D1F, Planting to feed and create jobs, and that investors were exploring investment opportunities.

"As part of 1D1F, a Turkish company had already started the process of setting up a bus badembly plant in Cape Coast. Another Turkish company is working on the establishment of a cement plant in Tema. A Turkish company is also studying the possibility of setting up a starch factory in the Volta region, "she said.

Mr. Yaw Adu Gyamfi, President of the Ghana Industries Association (AGI) stressed the need for Ghana-Turkey partnership to focus on production in Ghana for export to others markets in Africa rather than imports, in line with Ghana's program of action beyond aid. .