The volume of trade between Ghana and China from January to March this year (2016) has hit 1.8 billion dollars, making Ghana the 6th highest trade partner of China on the African continent, the Chinese Ambassador to Ghana, Madam Sun Boahong has said.
According to her, Ghana’s export volume was around 400 million dollars, up 10.62 percent compared to the previous years.
“China’s non-financial direct investment inflows into Ghana hit 44.43 million US dollars, ranking 5th in that of Africa and number one in that of West and Central Africa” she announced.
She stated that behind the figures are incredible trade cooperation between the two countries that is growing at a fast pace, making Ghana a strategic partner to Chinese businesses.
“When you take an overall view of the global economic landscape, you can better understand these figures”, she said adding that even though China went through some economic challenges in recent times it rather recorded high trade volumes with Ghana.
She pointed out that, currently, the recovery of the world economy is sluggish with commodities and financial markets experiencing volatility.
“Growth prospects of developed and emerging economies are diverging; and geopolitical risks and destabilizing factors are both on the rise” She warned that global FDI flows is likely to withdraw by 10 to 20 percent with rising trade protectionism, isolationism, populism and waves of anti-liberalization.
Madam Boahong stated that China and Ghana are not exempted from the harsh global situation but the two nations can rely on each country’s strength through economic partnership to overcome the downturn.
“The Chinese government puts development as its top priority for development which are innovation, coordination, green growth, opening up and sharing, and structural reforms,” she said.
Trade volume between Ghana-China
China is the largest trading nation of Ghana. In 2015, China-Ghana trade volume registered 6.6 billion US dollars, up 18.2 percent on year-on-year basis and ranked 6th in Africa. China’s non financial direct investment inflows into Ghana hit 174 million dollars, ranking 4th in Africa.
By this, the investment stock of China in Ghana was 1.3 billion US dollars. In addition, the value of China’s newly signed contracts in Ghana reached around 1.3 billion US dollars, making it the 14th most invested in that area by the Chinese.