Ghana-Sri Lanka Talks: Ayorkor Botchwey discusses trade and Commonwealth ties

Ghana’s Minister of Foreign Affairs, Shirley Ayorkor Botchwey, recently met with her Sri Lankan counterpart, Mr. Ali Sabri, in Colombo to discuss her candidacy for the Commonwealth top job and ways for their countries to cooperate to build economic resilience.

The two held closed-door talks regarding Ms. Botchwey's potential role as Commonwealth Secretary-General, which will be decided in October during the biennial summit in Samoa.

"As Commonwealth countries that have faced similar economic challenges, there is much we can learn from each other," Ms. Botchwey stated.

Sri Lanka experienced disruptive street protests that led to the downfall of President Gotabaya Rajapaksa's government in 2022, following a post-COVID financial crisis. The Sri Lankan rupee's value plummeted by over 90% against the U.S. dollar, with inflation exceeding 70%.

Mr. Sabri, now the Foreign Minister, temporarily served as Finance Minister and successfully turned around the country's economic situation.

Like Sri Lanka, Ghana turned to the IMF for a bailout following a similar though less paralyzing economic crisis in 2022-23.

Both countries are currently undergoing economic recoveries, with Sri Lanka's inflation dropping to around 40% and an expected increase in tourist arrivals. Ghana's inflation rate also decreased to 20.9% in July.

Ms. Botchwey commended Sri Lanka's progress in transitioning to green energy, with 50% of power needs currently met by renewables. Ghana, on the other hand, relies on hydroelectric power for about 31.6% of electricity production.

“This is extremely important for us in the Commonwealth that we’re able to draw from each other’s experiences and learn where other members have unique expertise,” Ms. Botchwey noted during the meeting.

Climate change is a focal point in Ms. Botchwey's vision for the Commonwealth, alongside democracy, good governance, education, skills training, and support for youth start-ups, as well as increased trade and investment among member nations.

Ghana aims to collaborate with Sri Lanka in textile and garment production, rice cultivation, and tourism.

“Ghana would like to co-operate and learn from Sri Lanka in the areas of textile and garments, as well as rice production and tourism,” Ms. Botchwey said.

Mr. Sabri on his part emphasized the importance of Commonwealth countries expanding their trade relationships, with Sri Lanka willing to explore opportunities in Ghana.

In 2021, Sri Lanka's exports to Ghana totaled just under US$20 million, while imports from Ghana to Sri Lanka were approximately half a million U.S. dollars.

Overall, the meeting highlighted the potential for mutually beneficial partnerships between Ghana and Sri Lanka within the Commonwealth.