Business News of 2014-04-14

GCCI bemoans low patronage of China-Africa Fund

The Vice President of the Ghana Chamber of Commerce and Industry (GCCI), Mr Prosper Adabla, has urged local businessmen to access the China-Africa Development Fund (CAD-Fund) as an alternative source of finance.

According to him, although the fund has been in existence for a while, only three investment deals between Ghanaians and their Chinese counterparts had been cemented through the CAD fund.

“People don’t know about CAD Fund but it is there and they are looking for partners to access it,” he said at a business forum organised by the Association of Ghana Industries (AGI) for Ghanaian businesses to meet counterparts from Hong Kong.

He reiterated the need for collaboration between Ghana and China in order to boost trade stressing that, “for Ghana to develop, we need to partner China.”

To the Hong Kong delegation, he said there were few Ghanaians looking for partners to finish products and urged them to take advantage of that opportunity.

The business delegation from the Hong Kong Trade Development Council (HKTDC) who were in Ghana explored investment opportunities with focus on electronics, sundries, fashion, textiles, fabrics, aluminium penlights, LED lights, household products, home decoration, food supplement, herbal products, sanitary pads and napkins, hair products (including wigs), garments and building materials.

The partnership was endorsed by the Association of Ghana Industries (AGI) and the Ghana Chamber of Commerce of Industry (GCCI).

The Africa and Middle East Regional Director of the HKTDC, Mr Perry Fung, highlighted the numerous benefits that Ghanaian businesses stand to gain from seeing Hong Kong as a preferred spot for investments.

The Hong Kong market he said was a freezone one with no restrictions on imports and exports of goods and services while it also provided a serene environment for business transactions.

The Economic and Commercial Counsellor of the Chinese Embassy in Ghana, Mr Gao Wenzhi, said China contributed about 53 investments to Ghana in 2013 with a face value of US$165 million with bilateral trade between the two countries yielding US$5 billion.

Source: graphic.com
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