Trade between Ghana & EU hits €6 billion

The Minister for Trade and Industry, Alhaji Kobina Tahir Hammond, has commended the European Union’s (EU) steadfast support for Ghana’s economic and industrial transformation.

According to him, last year, Ghana’s exports to the EU market increased by 8%, rising from €2.4 billion to €2.6 billion, while imports from the EU to Ghana declined by 11%, dropping from €3.7 billion to €3.3 billion.

The total trade between Ghana and the EU in 2023 amounted to €6 billion, marking a slight decrease of 3% compared to 2022.

The Minister said this, during his keynote address in the opening ceremony of the 2nd Ghana-EU Business Forum held in Accra.

Dignitaries present at the ceremony in the photo

The event under the theme: ”Fostering an Investment in Non-Traditional Value Chains under the EU Global Gateway Strategy” and attended by key figures such as the Head of the EU Delegation to Ghana, Irchad Razaaly and Deputy Director General for International Partnerships, Myriam Ferran, served as a pivotal platform for discussing trade, investment and sustainable development.

Alhaji KT Hammond emphasised the importance of the forum in strengthening the relationship between Ghana and the EU.

He noted that the forum’s theme encapsulates the critical areas of trade, investment, industrialisation, sustainable development, inclusive growth and climate change.

“The EU is one of the most successful regional blocks which holds many lessons for our African Continental Free Trade ambitions,” KT Hammond said.

The Minister praised the EU’s Global Gateway Strategy, which champions smart investments in strategic sectors such as digital, energy, transport, health, and education.

The Minister lauded the EU for its initiative to set higher social and environmental standards, providing a sustainable investment template for developing countries like Ghana.

However, Alhaji KT Hammond underscored the need for technical assistance to help countries like Ghana adapt and operationalise this investment template.

He also emphasized the importance of robust and well-resourced supply chains to adopt sustainable investment models, especially in rural economies.

He highlighted the Economic Partnership Agreement (EPA) as a testament to the commitment to promoting inclusive and sustainable economic development. The agreement has facilitated Ghanaian goods’ access to European markets and fostered capacity-building and investment opportunities.

“The EU is one of the largest investors in Ghana, with investments spanning various sectors such as agriculture, energy, manufacturing, infrastructure, telecommunications, financial services and pharmaceuticals,” he noted.

Alhaji KT Hammond also emphasised the importance of integrating EU investments into the local economy by developing or expanding local supply chains.

He commended companies like Guinness Ghana Limited, Kasapreko Company Limited and Nestle Ghana Limited for their effective supplier development programs, which benefit local companies such as Premium Foods and Yedent Agro Limited.

“Our partnership with the EU extends beyond economic and development cooperation. It is rooted in a shared vision for a safer and sustainable planet, characterised by peace, freedom, stability and prosperity for all,” KT Hammond stated.

His Excellency Irchad Razaaly, EU Ambassador to Ghana, in his welcome remarks emphasised the deep resonance of the forum’s theme with the shared goals of economic growth, diversification and mutual prosperity between Ghana and the EU.

“The EU Global Gateway Strategy, in force since December 2021, offers a unique opportunity for Ghana and the EU to strengthen their economic ties, foster innovation and create sustainable value chains,” H.E Razaaly stated.

He underscored the potential of exploring non-traditional sectors to unlock new opportunities, address challenges, and promote economic transformation.

“Indeed, this is what we are pursuing in our economic cooperation with Ghana, to support more value-added products exported from Ghana to the EU and to the world, beyond the traditional raw materials exported, such as gold, petroleum or cocoa,” he added.

H.E Razaaly highlighted the Team Europe approach, where nine EU Member States work in partnership with Ghana on various projects to amplify their impact.

“By joining forces, not only do we expand our reach and enhance our results, we also learn from each other and create unique and innovative products,” he explained.

The EU Ambassador emphasized the priority of creating jobs and promoting development in Ghana through collaborative efforts.

“Today, we are leveraging Team Europe and the Global Gateway towards the common cause of creating jobs and promoting development in Ghana. This is a priority for the EU at a global level, and particularly in its partnership with African states,” he said.

Over the next two days, the forum will feature discussions on sectors such as pharmaceuticals and health, agribusiness, renewable energy, textiles, automotive, and digital services.

H.E Razaaly urged participants to approach the forum with an open mind, a willingness to learn, and a commitment to collaboration.

“Let us work together to create a new era of economic cooperation between Ghana and the EU,” he concluded.



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