During discussions at the 6th International Trade Show for West Africa agro-food and West Africa plast printpack conference and exhibition in Accra, Mr. Pau März, the Managing Director of fairtrade, highlighted a compelling opportunity for investors in Ghana’s burgeoning food market.
With a population nearing 40 million, Ghana’s food and beverage sector is experiencing a substantial and steady growth, positioning itself as the largest segment within the Ghanaian processing industry.
As of 2021, Ghana showcased its economic prowess by importing food worth USD 1.2 billion while exporting food valued at USD 1.7 billion, according to data from the World Trade Organization (WTO). Mr. März, emphasizing the magnitude of the food trade, underscored that engaging in the food market with Ghana represents an enormous USD 8.5 billion business.
Speaking at the International Trade Show, Mr. März shed light on the remarkable trajectory of Ghana’s investment in food and packaging technology, which exhibited an annual growth rate of 8.6% between 2017 and 2022. The figures soared from 59 million Euros in 2017 to an impressive 89 million Euros in 2022, showcasing the nation’s commitment to technological advancement in its food industry.
The collaborative effort between the AHK Delegation of German Industry and Commerce in Ghana and Fairtrade Messe, organizers of the event, aims to boost Ghana’s self-sufficiency and enhance supply chains. The overarching goal is to foster a robust ecosystem that not only propels the local industry forward but also attracts international partnerships and investments.
Further illuminating the growing ties between Ghana and Italy, H.E. Daniela d’Oriandi, the Italian Ambassador to Ghana and Togo, highlighted a 30% growth in trade of technical goods between the two nations, reaching 90 million Euros in 2022.
Rising Interest Among Ghanaian Companies In Italian Solutions
This significant increase signifies a rising interest among Ghanaian companies in Italian solutions, prompting the ambassador to emphasize Italy’s commitment to innovation, training, and technical assistance. The reliability of Italian products, coupled with various initiatives to promote bilateral trade, suggests a promising avenue for collaboration between Ghana and Italy.
The heart of this economic exchange lies in the exhibition, where the organizers successfully brought together exhibitors from over 12 countries. The primary objective is to facilitate meaningful business relationships among the participating companies, fostering an environment conducive to growth and development. Notably, Mr. März announced that the Chamber of Agribusiness Ghana will lead the presentation of two industry awards during the exhibition, adding a competitive edge to the event.
Moreover, the exhibition introduces a subsidized package for agricultural machinery, an initiative aimed at catalyzing advancements in Ghana’s agricultural sector. This strategic move aligns with the nation’s broader agenda to modernize its agricultural practices, enhance productivity, and contribute to overall economic development.
Key participants in this year’s show include the Ghana Export Promotion Authority (GEPA), GIZ AgriBiz, and 70 exhibitors from 12 countries, offering a diverse array of products, technologies, and solutions tailored specifically for the Ghanaian and West African market. The participating countries include Ghana, Austria, China, France, Germany, Italy, the Netherlands, South Africa, Nigeria, Poland, Thailand, and Ukraine, reflecting the international scope and significance of the event.
Ghana’s robust food market, underscored by impressive trade figures and strategic investments in technology, presents a compelling opportunity for local and international investors. The International Trade Show serves as a nexus for collaboration, innovation, and economic growth, positioning Ghana as a key player in the global agro-food industry.
As the exhibition unfolds, it not only celebrates the achievements of the past but also paves the way for a future where Ghana’s food market stands as a beacon of prosperity and sustainability.
READ ALSO: Ghana’s Fiscal Challenges Amidst Global Debt Surge and Rising Populism
