Government pushes for more Chinese business presence

The government is making a concerted effort to enhance its appeal as a preferred base for Chinese businesses on the African continent, Finance Minister Ken Ofori-Atta has said.

He made this known during an engagement with the Chinese Business Community in Ghana under the Ghana Mutual Prosperity Partnership held in Accra.

“We want to use this platform to tease out the problems you face, equip you for the challenges of the future and increase Ghana’s attractiveness as a base for Chinese businesses on the continent,” Ken Ofori-Atta stated.

The finance minister highlighted Ghana’s economic recovery, stable exchange rates and softening interest rates as positive factors for businesses looking to export to China. He also pointed out the positive trend in the Bank of Ghana’s Business Confidence Index, indicating rising confidence in the country’s economic conditions.

Ghana Investment Promotion Centre (GIPC) is developing an Investment Code to expand incentives for both domestic and foreign strategic investments, with the aim of promoting a predictable and favourable environment for investment.

China holds a crucial position in Ghana’s trade and investment landscape, with an FDI stock of approximately US$1.1 billion. Ghana stands as the 4th largest buyer of Chinese goods on the African continent, consuming approximately US$7.9 billion of Chinese exports in 2022, underlining the strong trade ties between the two nations.

Reflecting on this enduring relationship, Mr. Ofori-Atta expressed gratitude for China’s support during challenging times, notably as the first responder for anti-pandemic supplies during the “once-in-a-generation” pandemic. China’s leadership in supporting Ghana’s bid to restructure bilateral debts also showcased commitment to Ghana’s economic recovery efforts, he said.

Chinese businesses play a vital role in driving infrastructure development in Ghana, particularly in sustainable business growth, energy and aviation sectors. Contracts underscore the importance of responsible business practices.

Ambassador Lu Kun of The People’s Republic of China in Ghana highlighted the significance of the two nations’ 60-year diplomatic relations and the role of Ghana in China’s Belt and Road Initiative. Bilateral trade volume reached US$9 billion in the first 10 months of 2023, marking a year-on-year increase of 7.8 percent . Ambassador Lu Kun reiterated China’s commitment to sincere cooperation and shared interests.

Chairman Yang Qun of the China Enterprises Chamber of Commerce in Ghana recognized the pivotal role of Chinese business investments in Ghana’s progress. Addressing challenges and acknowledging existing investments, he emphasized the positive impact of Chinese enterprises on Ghana’s economic landscape, contributing to sustainable development and community engagement.

As Ghana and China enter the Chinese New Year, both nations express optimism for a prosperous year ahead, building on their historical partnership and commitment to mutual growth.