Business News of 2014-07-21

Ghana, France to deepen trade ties

France plans to increase its trade in the country, which is currently about US$1.7billion, its Ambassador to Ghana has announced. France’s Ambassador to Ghana, Mr Frédéric Clavier, was speaking at the reception to celebrate the French National Day in Accra.

“This Chamber is going to raise the level and quality of our bilateral trade, which is around US$1.7billion today, and also the French investments in Ghana and the Ghanaian ones in France. So far, 60 French companies in the country are already committed in this way,” he said.

According to Mr Clavier, “The confidence in the political course, the power of the democracy, the quality of its elite and the confidence in the economic future of the country make it one of the engines of growth in Africa.”

The Chamber, he added, would encourage Ghanaian and French companies to prospect and set up businesses in Ghana and/or France, as well as fostering, supporting and representing the members’ business interests by lobbying and advocating toward national authorities of both countries.

The CCFG is an association of companies and professionals belonging to different sectors, established by the French government to foster and enhance bilateral trade, financial and investment relations, and exchanges between Ghana and France.

The Ambassador announced that France would, in the coming days, commit some 850,00 Euros to French Priority Solidarity Funds to support the Ministries of Local Government and Public Sector Reforms. The project aims at consolidating accountability mechanisms existing at the central and local level, as well as to innovate and reinforce citizen participation in public decisions.

Economic and commercial exchanges between France and Ghana have dramatically increased during the past 14 years, with many French companies having successfully established their presence in the country.

About 60 French companies are operating in the country in the areas of oil equipment supply, agro-processing, transport, construction, electrical equipment, cosmetics and banking and financial sectors.

French investment in Ghana

Foreign direct investment flows originating from France were estimated at almost US$300 million in 2012. According to him, substantial investments have been made by French company, Total on the downstream oil sector.

Société Générale and Proparco are also active in the banking sector and finance sector, while Bolloré is also playing a significant role in the port and logistics segment. Golden Exotics is another French company leading in the agricultural and horticultural industry in Ghana while another company from France, Danone, has also taken a stake in the dairy product manufacturer, Fan-Milk.

“Several of our groups have recently chosen to locate their regional subsidiary in Ghana Air Liquide, L'Oreal and Pernod Ricard,” ambassador Clavier said. Another way to explore would be the rapid entry into force of the regional EPA (Economic partnership Agreement) with EU.

Such an agreement will boost the trade exchanges mainly for the Ghanaian “non-traditional” exports such as of fruit and fish industries to the EU.

Source: graphic.com
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