US$4bn Dubai food export market eluding Ghana - Cyril Kofi Darkwa

Despite the growth in bilateral relations between Ghana and the United Arab Emirates (UAE), the country is yet to take full advantage of the Emirates’ food market, particularly that of Dubai.

Estimated food imports into Dubai are valued at US$4 billion every year, with Ghana, according to the Dubai Chamber of Commerce, accounting for only US$25 million in annual export of food and other agricultural produce into that country.

However, the Dubai Chamber indicates that Ghana can do a lot more to increase food export not only to Dubai but also to the six other Emirates.

The UAE currently imports 80 to 90 percent of the food it consumes, with rice, sugar, dairy products, dried legumes, cereal and vegetables being in huge demand.

But overall trade volume – covering all products – between the two countries from January to June this year, was valued at US$900 million and could possibly surpass the 2018 amount of US$1.2 billion when data for the entire 2019 is collated.

Addressing guests during the end of year stakeholders’ meeting by the Dubai Chamber of Commerce-Ghana Office in Accra, the Chamber’s CEO, Cyril Darkwa, underscored the need for Ghanaian export businesses to refocus on agriculture produce with the UAE as a major target.

Nonetheless, the Chamber maintained that some companies and SMEs in Ghana have recorded some success stories in doing business with Dubai companies and sealing some lucrative deals as well.

“A typical one is a recent deal where a honey producing company in Ghana landed a deal with some partners in Dubai, and that is worth US$10 million for five years” Mr Darkwa told the Goldstreet Business.

This, he said, could be an inspiration to other companies not only in food export business, but in any other sector that has market in the UAE.

The Chamber indicated that sectors including real estate, textile, Islamic banking, technology, mining and several others, have huge investment potentials from the UAE.