Ghana’s economic ties with the European Union (EU) saw a notable shift in 2023, as exports to the EU increased by 8%, rising from 2.4 billion euros in 2022 to 2.6 billion euros.
Conversely, imports from the EU to Ghana experienced a decline, falling from 3.7 billion euros to 3.3 billion euros. According to the Ministry of Trade and Industry, the total trade volume between Ghana and the EU reached 6 billion euros in 2023.
At the 2nd Ghana-EU Business Forum, Minister for Trade and Industry KT Hammond highlighted these figures, emphasizing the strength of Ghana’s export performance despite the reduction in imports. “2023 export from Ghana saw an 8 per cent increase, rising from some 2.4 billion euros to 2.6 billion euros, while import from the opposite direction experienced, unfortunately, some 11 per cent decline, 3.7 billion euros to 3.3 billion euros,” he stated.
The forum, themed “Fostering Investment in Non-Traditional Chains Under EU Global Gateways Strategy,” focused on enhancing trade and investment relations between Ghana and the EU. The EU Global Gateways Strategy aims to build sustainable infrastructure and connectivity worldwide, fostering stronger economic ties with like-minded partners.
Deputy Director-General of the European Commission’s Directorate-General for International Partnerships, Myriam Ferran, underscored the EU’s commitment to this strategy. “This strategy is definitely the strategy of the European Union to engage with like-minded partners in building sustainable infrastructure and connectivity around the world, and this is the EU’s offer for sustainable bonds in full partnership,” Ferran noted.
Ferran emphasized the importance of these efforts in light of global challenges, including the geopolitical consequences of the Russia-Ukraine war and ongoing conflicts in Gaza.
Investment Climate and Opportunities
Minister KT Hammond reassured investors of Ghana’s favorable investment climate, highlighting the country’s efforts to attract foreign investment and promote economic growth. The increase in exports to the EU reflects Ghana’s strategic initiatives to diversify its trade and enhance its economic resilience.
The forum provided a platform for discussions on how to strengthen investment in non-traditional sectors, with a particular focus on sustainable development. The collaboration between Ghana and the EU aims to meet the Sustainable Development Goals (SDGs) by fostering economic growth that is inclusive and environmentally sustainable.
During the forum, the European Union launched a significant initiative to support the development of the pharmaceutical industry in Ghana. The 32-million-euro Special Measure on Manufacturing and Access to Vaccines, Medicines, and Health Technologies in Africa (MAV+) aims to boost local production capacities and enhance access to essential health technologies.
This initiative is a testament to the EU’s dedication to supporting sustainable development in Africa. By investing in the local manufacturing of vaccines and medicines, the EU aims to strengthen health systems and promote economic development in Ghana and the wider African region.
The surge in Ghana’s exports to the EU in 2023, coupled with the decline in imports, reflects a dynamic shift in the trade relationship between the two partners. The 2nd Ghana-EU Business Forum highlighted the strong commitment to enhancing trade and investment ties, with a focus on sustainable development and economic resilience. The EU’s launch of the MAV+ initiative further underscores the importance of collaboration in fostering growth and meeting global development goals.
As Ghana continues to strengthen its economic ties with the EU, the emphasis on sustainable infrastructure, health technology, and diversified trade will play a crucial role in driving the country’s long-term economic growth. The positive trends in exports and the continued focus on investment opportunities position Ghana well to capitalize on future economic opportunities and challenges.
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