Business News of 2013-12-10

Need to diversify trade businesses - Minister

Mr Nii Lantey Vanderpuye, Deputy Minister of Trade and Industry on Monday said government was committed to diversifying its trade with China through value addition to raw materials to meet international standards for exports.

Mr Vanderpuye said there was the need to expand the frontiers of trade between Ghana and China to deepen the trade relationship between the two countries. Mr Vanderpuye said this at the opening of the 2013 Ghana-Hubei China Trade and Investment Exhibition in Accra, organised by the Ghana Chamber of Commerce and Industry and the China Council for the Promotion of International Trade.

Products on exhibition were agricultural technological equipment, automobile and auto parts, electromechanical and hard ware products, textile and clothing products, household electric appliance and solar and other clean energy equipment.

He said Ghana and China over the years had maintained a cordial political and economic relationship, adding that, China had helped Ghana in the construction of the National Theatre, hospitals and sports complex in Cape Coast.

Mr Vanderpuye said Ghana had become the preferred destination for Chinese businesses due to the peaceful atmosphere in the country and that government would continue to create enabling environment for investors.

Mr Zhou Youbin, Deputy Consul General of the People Republic of China expressed appreciation to Ghana for the warm reception and that Ghana had laid a solid foundation to transform economic businesses between the two countries.

He said Ghana and China had had exchanges in the field of culture and education and hoped the exhibition would strengthen the relationship between the two countries for effective and efficient trade relations.

Mr Seth Adjei Baah, President of the Ghana Chamber of Commerce and Industry commended the China Council for Promotion of International Trade for partnering Commerce and industry for the event.

He said the two countries had maintained diplomatic and economic ties and had exchanged high level official, trade visit among other activities. “This relationship has culminated into a phenomenal increase in trade between Ghana and China in recent years,” he added.

Mr Baah said according to the international trade centre, in 2012, Ghana imported over two billion dollars in total products from China and exported a little over six million dollars to China.

The President of the Chamber said this clearly showed a unidirectional trade balance largely in favour of China. He called on the Chinese to increasingly take advantage of the current situation to exploit the many trade and investment opportunity that exist in Ghana. “There is no doubt that investing in Ghana is the safest and surest way to yield maximum returns on your investments,” he added.