Trade volumes between Africa and Canada increased by a little over 15 billion dollars in 2022 which is a significant improvement compared to pre –pandemic figures.
This, according to the Canadian High Commissioner to Ghana, Her Excellency Martine Moreau is a testament to the resilient trade relations that exit between Africa and Ghana.
“Last year total trading merchandise between Canada and Africa surpassed 15 billion dollars representing 56 percent increase over pre-pandemic figures,” she said.
She also indicated that: “Canadian investments have over the last four years have been increasing at an annual rate of 12.5 percent. More than 100 Canadian owned companies conduct mining operations in Africa”.
Although 2022 trade volumes recorded an increase, she maintains that by leveraging on the African Continental Free Trade Area this figures could be further improved to bolster economic resilience.
“While we continue to benefit from exiting opportunities, we also recognize the tremendous economic potential to be realized through the implementation of the Africa Continental Free Trade Agreement,” she opined.
“We strongly support this agreement as it will establish a continent wide rules based and investment regime that will afford significant opportunities not only for African nations themselves but also for external trading partners including Canada,” she noted.
Meanwhile, the Canadian High Commissioner hinted of an economic cooperation strategy being designed by the Canadian government which seeks to support the economic viability of the African continent.