China-Ghana trade yields US$4 billion

The value of trade between Ghana and China reached US$4billion as at the end of September making China the single biggest trading economy with Ghana.

Most of the goods that Ghanaian businesses exported to China, however, were mainly primary commodities such as cocoa, oil and gold.

The Chinese Ambassador to Ghana, Sun Baohong, said even though the balance of trade is in favour of China, Ghanaian exporters have made strides in boosting trade with worlds’ most populous country.

“For the first three quarters, the bilateral trade between China and Ghana reached nearly US$4billion with Ghana export to china surpassing US$1billion and increasing by 30 percent,” she said.

Mrs. Baohong said this in Accra when she assisted Alhaji Rashid Pelpuo, Minister of State in Charge of Private Sector, to inaugurate the first luxury office and residential housing units of Poly Group of China.

Poly Group, which has been in the country for the past decade, voyages into the country’s real estate space — signifying a growing interest of international firms in the country’s housing sector and strengthening the bilateral relations between China and Ghana.

Christened “Poly Group Mansions”, the office and residential facility situated at Ridge — a prime suburb of Accra — has a Ghana-China mixed style; and combined with the full display of sophisticated design, exquisite constructing technique as well as advanced standard of China, the facility is an eye-popper.

Mrs. Boahong said the participation of Chinese companies in the infrastructure space of Ghana is a demonstration of China’s commitment to advancing mutually beneficial cooperation with Ghanaian partners.

According to GIPC’s statistics, China’s FDI to Ghana reached US$1.11billion — which accounts for 65.7 percent of total FDI to Ghana.

“This year, despite the temporary economic difficulties faced by Ghana, China-Ghana economic and trade cooperation kept good momentum and comes out in front for China-Africa cooperation.”

Mrs. Boahong said the growing bilateral relations between the two countries could see more Chinese companies invest in Ghana to take advantage of the manufacturing gap in the country.

She added: “Ghana’s exports to china mainly consist of primary products and primary agriculture produce. But still, we have seen some finished-made products — though that is still a small figure. We wish to see as time goes by more and more Chinese companies investing in this country to push Ghana, so that the country can build a very strong manufacturing sector”.

Source: B&FT