Italy, Ghana trade hits 700m euros

The total volume of trade between Ghana and Italy currently stands at about 700 million Euros.

Deputy Head of Mission at the Italian Embassy in Ghana, Lorenzo Pinelli disclosed this to BUSINESS GUIDE on Tuesday in Accra during the launch of the Made-In-Ghana Products Fair 2015, which would be held in Milan, Italy.

According to Mr Pinelli, Italy’s imports bill in 2014 was 500 million Euros.

He said “oil represents 85 percent of the total imports, apart from oil, Italy imports refined oil products, spices and pharmaceutical herbs, fish, tropical fruit, veneer sheets and wood-based panels, aluminum and timber.”

Mr. Pinelli said in 2014 the West African nation imported mainly earth-moving machines, special purpose machinery for plastic and rubber industry, automobile, among others.

Earlier, he indicated that “Ghana and Italy have a long-standing relationship, which began soon after Ghana’s independence in the sixties, with the construction of the Akosombo Dam by Impregilo and the Tema Oil Refinery (TOR) by AGIP.”

According to him, “Today, we have about 150 Italian companies established in Ghana working in different sectors from oil and gas, shipping, agriculture to construction, and there is still room for more collaboration between the two states.

Chief Executive Officer (CEO) of the Ghana Export Promotion Authority (GEPA), Gideon Quorcoo, in a statement to officially launch the Made-In-Ghana Products Fair 2015 Milan, Italy, indicated that Ghana intends to generate $5 billion from the export of non-traditional goods by the end of 2019, urging local businesses to improve their production capacity.

The Made-In-Ghana Products Fair themed: ‘Transforming Ghana’s Export Trade – The Role of Milan Expo,’ is an initiative of Doulos Consult Limited and its Italian counterparts Tikkun Fenix Limited under the auspices of the Ministry of Trade and Industry.

The fair seeks to among others showcase Ghanaian products, services and businesses at the Milano Expo as the best in the sub-region.

The Universal Expo in Milan, according to Mr. Pinelli, would be held in Milan from 13-15 October, this year with more than 140 countries expected to take part in it.

He said EXPO Milano 2015 has been organized to bring various businesses together to exchange ideas.

According to the diplomat, “Italy firmly believes that the Expo will contribute to the awareness on food security and food quality leading to better quality of life.

It will also help strengthen the relationship between all the participating countries.”