Business News of Wed, 5 Sep 20188
Chinese firm to establish truck assembly plant in Ghana
Sinotruk International, China’s first heavy-duty truck manufacturer, has signed an agreement with the Government of Ghana to establish an assembly plant in Ghana, to serve both Ghanaian and West African markets.
This was after the Ministry of Trade and Industry, on behalf of the Government of Ghana, signed a Memorandum of Understanding with Sinotruk International on Wednesday, 5th September, 2018, at the Ghana-Shangdong Business Conference, for the establishment of the plant.
Speaking to President Nana Akufo-Addo after the signing ceremony, Mr. Zhang Yuzong, the General Representative of Sinotruk International, indicated that the company has a proud history of being manufacturers of a wide range of heavy-duty trucks, buses, special trucks, engines and their sets, parts and special chassis.
The assembly plant in Ghana, when established, Mr. Zhang Yuzong said, will initially have the capacity to assemble some 1,500 trucks per year for sale in Ghana and West Africa.
Having produced some three hundred thousand (300,000) trucks in 2017, and possessing an employee strength of forty thousand (40,000) people, the Sinotruk Representative was confident that the establishment of the plant in Ghana will create jobs for Ghanaians, as well as rake in significant amounts of revenue for the country.
The establishment of the assembly plant, he added, will result in the training of Ghanaians to assemble the trucks, and the transfer of technology.
On his part, President Akufo-Addo expressed his delight about Sinotruk International’s decision to establish the assembly plant in Ghana.
“We are very appreciative of your interest in our country and its development, and whatever we need to do to grow your business in Ghana, we are prepared to do it,” the President said.
He assured Sinotruk International that “Ghana is a peaceful and stable country, and we are strong believers in the rule of law”, adding that the agreements that have been reached between the Government of Ghana and Sinotruk will be respected.
With West Africa’s current population of some 350 million people set to reach some 500 million in 20 years, President Akufo-Addo described Ghana as “an ideal place to have your base for reaching the West African market.”
Nana Addo lobbies for Alibaba Africa headquarters in Ghana
Barely a week after it was announced that a memorandum of understanding had been signed between Ghana and German firm, Volkswagen, to set up a car assembly plant in Ghana, President Akufo-Addo has revealed that meetings have been held during his state visit to China to get another multi-national company to set up their Africa operations headquarters in Ghana.
President Akufo-Addo, who is currently in China, met on Monday with Chinese business mogul, Jack Ma on the possibility of his company setting up the African headquarters of the Alibaba Group in Ghana.
President Akufo-Addo revealed that that the Alibaba Group, of which Mr. Jack Ma is the co-founder and Executive Chairman, has plans to partner African countries and to help nurture technological savvy talents in the sub-region hence the decision to ask him to set up the company’s Africa headquarters in Ghana.
Ghana, China sign eight co-operation agreements, MoUs
Ghana and China have signed eight (8) Co-operation Agreements and Memoranda of Understanding, in different sectors of their respective economies, aimed at deepening the ties of co-operation and the bonds of friendship that exist between the two countries.
The agreements were signed on Saturday, 1st September, 2018, after the President of the Republic, Nana Addo Dankwa Akufo-Addo, and the President of the People’s Republic of China, His Excellency Mr. Xi Jinping, held bilateral talks, as part of President Akufo-Addo’s State Visit to China.
The agreements are the “One belt one road Memorandum of Understanding”, “Memorandum on Regional Aviation Co-operation”, “Agreement for Co-operation in the peaceful use of nuclear energy”, and “Co-operation to carry out Maternal and Child Health Project”.
The rest are “Framework Agreement on Financing Insurance Co-operation” ($2 billion Sino-Hydro deal), “Economic co-operation on Phase 2 project of the University of Health and Allied Sciences, Ho”, “Co-operation on the expansion of the Cape Coast Stadium”, and “Co-operation on the supply of police vehicles to the Ghana Police Service.