The Chinese Ambassador to Ghana, Shi Ting Wang, has stated that trade relations between Ghana and China are growing in a more balanced and sustainable direction.
Speaking at the opening of the 3rd China Trade Week (CTW) in Accra, he attributed the growing trade between the two countries to efforts to achieve shared growth in various fields of trade, investment, infrastructure among others.
“With the efforts of the Ghanaian government to develop the manufacturing industry and the Chinese government to expand imports, trade between the two countries is growing toward a more balanced and sustainable direction,” the Ambassador said.
He noted that China places a very high value on its trade relationship with Ghana, and with Ghana being one of China’s key trading partners on the African continent: “China is committed to continuing the trade relations both countries enjoy and will partner in all aspects to improve the economic stability of the country.”
Last year, bilateral trade between China and Ghana registered US$7.25 billion, making it the seventh-largest trading partner of China in Africa.
Ghana’s exports to China also increased significantly by 31.8 percent to US$2.44billion within the period.
The Ambassador who expressed his delight at the improvement in Ghana’s trade deficit with China noted that since 2010, exports to China have maintained a two-digit increase rate – except for the year 2016.
The three-day CTW event opened with a wide array of Chinese businesses mounting exhibition booths at the Accra International Conference Centre.
Ghana’s Minister for Business Development, Ibrahim Awal Mohammed, speaking at the event, urged the Chinese business community to partner local businesses to make Ghana a manufacturing hub in West Africa.
“As we embark on an industrialisation drive, now is the time for you, our partners from China, to bring onboard your expertise so we can together achieve this Ghana Beyond Aid agenda,” he stated.
He said the CTW falls in line with government’s programme of industrialisation, hence government’s endorsement.
“Ghana intends to make industrialisation one of the key pillars of its economic development. There are five areas we are focusing on: industrialisation, agriculture, infrastructure, human resource development and entrepreneurship – but industrialisation stands out very well”, he said.
He added, “We cannot continue exporting only our raw materials to the world. We want to add value. That is why Ghana and China should cooperate. China is reputed to be very good at manufacturing and Chinese businesses should therefore partner their Ghanaian counterparts to help make Ghana the hub of manufacturing in West Africa.”
This year’s exhibition will showcase more variety and high-end Chinese manufacturers looking to develop long-term relations with local buyers.
The companies will cover various industry sectors such as Chemicals, Food & Beverage, Construction Materials, Outdoor Goods, Daily Necessities, Furniture, PPP, Home Electricals & Electronics, Clothing & Textiles, Television & Satellite, Baby Products and Personal Care among others.