South Africa and Ghana have agreed to expand their bilateral trade and investment under the Africa Continental Free Trade Agreement following a top level meeting between leaders of the two countries.
South Africa's Cyril Ramaphosa and Ghana's Nana Akufo-Addo held talks in the South African capital Pretoria on Tuesday stressing their decades-old ties.
On January 31, 2024, South Africa sent its first shipment to Ghana and other countries under the Africa Continental Free Trade Agreement (AfCTA), which the South African government called ‘’an important first step.’’
The Heads of State in a joint communiqué also underscored the need for a common approach in the operationalization of the decisions of AfCTA to bolster intra-Africa trade, in particular.
“In this regard, the Heads of State expressed satisfaction that South Africa-Ghana Business Forum, which was held on the margins of the BNC, places the two countries at the cusp of increased bilateral trade and enhanced contribution to intra-Africa trade as envisaged by the AfCTA Agreement,” the communiqué noted.
Investment expansion
The BNC between South Africa and Ghana was inaugurated when President Nana Akufo-Addo hosted President Ramaphosa in Accra in 2020.
There are 24 agreements and memoranda of understanding between South Africa and Ghana, covering various areas of economic, technical, scientific, social, and cultural cooperation.
“Ghana is host to several South African companies. Our companies are keen to expand their investments in Ghana and look to us to work together to improve the business environment. We invite investors from Ghana to look at opportunities in our country,” the statement said.
Ramaphosa highlighted that South African companies, including several in the banking sector, have expressed interest in exploring opportunities in line with Ghana’s investment plans.
“There is also scope for collaboration in infrastructure between our two economies, particularly in the building of dry ports, railway networks, airports, and hospital facilities. There are also opportunities to be explored in the pre-chemicals sector.
“As we are both coastal countries, maritime shipping and the related economy holds potential for us and opportunities should be explored further in this regard. We need to work together to reverse the decline in trade between our countries over the past four years,” Ramaphosa said.
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