Ghana-Switzerland bilateral trade reaches $3 billion in 2023

Switzerland became Ghana’s number one export partner with exports from Ghana to Switzerland amounting to $3 billion in 2023.

The bilateral trade volumes shot up from $1.5 billion in 2019 resulting in over $3 billion recorded in 2023.

Madam Simone Giger, the Ambassador of Switzerland to Ghana, speaking at a reception to celebrate the 733rd anniversary of Switzerland’s founding, said Ghana retained its position as the second largest trading partner with Switzerland in Sub-Saharan Africa after South Africa.

On National Day, Switzerland celebrates its institutions, which have bolstered its democracy and prosperity since the adoption of its constitution in 1848.

The grand diplomatic reception brought together a distinguished gathering of high-ranking officials, including Ambassadors, government officials, chiefs, chief executives of Swiss businesses, Swiss community in Ghana.

Ambassador Giger said the ongoing development cooperation that existed between Ghana and Switzerland was a testament to the economic and trade ties between the two countries.

She said under Switzerland’s new cooperation framework with Ghana, spanning 2025 to 2028, Switzerland would collaborate with its Ghanaian partners in several areas relevant to fostering inclusive development.

Working closely with the private sector, she noted that Switzerland aimed to strengthen strategic value chains, invest in skills development for young people, support an effective decentralization, including bottom-up accountability measures and scale renewable energy solutions.

Mr Francis Asenso-Boakye, the Minister for Roads and Highways, who represented the government, said Ghana had established itself as a safe, secure, and welcome home for foreign investors, businesses, expatriates, and visitors, who were making various contributions to the country’s socio-economic development.

He said that due to the peaceful political climate, security, democratic credentials, and favourable investment conditions, there were over 55 Swiss investments in Ghana, including companies such as Nestlé (GH) Ltd, Accra Brewery, SGS Ghana, Panalpina (GH) Ltd, Devag Ltd; Ghana Pioneer Aluminium Factory, Ghana Industrial Containers Ltd, Barry Callebaut and Blue Skies.

The Minister, also the Member of Parliament for the Bantama Constituency, said the political stability in Ghana, which had been the cornerstone of Ghana’s attractiveness as an investment destination, had boosted the inflow of Foreign Direct Investment to support the country’s economic development.

With the $3 billion trade volumes in 2023, he said it was gratifying to reiterate that Switzerland was one of the few countries with a trade balance in favour of Ghana and that it greatly valued its economic relations with Switzerland.

Mr Asenso-Boakye stated that, with the operationalization of the African Continental Free Trade Area (AfCFTA), Ghana had become a more attractive destination for Foreign Direct Investment.

He, therefore, invited more Swiss companies to take advantage of attractive investment packages to be derived from access to the region and partner with Ghanaian businesses to strengthen the private sector and enhance its capacity to create more jobs for the country’s youth.

The Roads and Highways Minister expressed gratitude to Switzerland for its financial and technical support to Ghana over the years.

Ghana and Switzerland, he further stated, continued to collaborate actively in peace and human security cooperation, with Switzerland being one of the main sponsors of the Kofi Annan International Peacekeeping Training Centre (KAIPTC) in Accra.