As part of its ongoing efforts to bolster the international presence of Ghanaian businesses, CalBank Plc has successfully launched the CalBank Trade Summit in Turkey, attracting a delegation of Ghanaian firms eager to explore new markets and secure international partnerships.
The summit has opened doors for key stakeholders to engage in business-to-business (B2B) meetings, paving the way for significant growth opportunities and economic diversification.
In his opening remarks, Mr Daniel Appiah, Head of Commercial Banking at CalBank, highlighted the importance of exports for Ghana’s economic stability, especially in a challenging global economic climate. Appiah noted that despite currency fluctuations and economic uncertainties, engaging in the export market offers Ghanaian businesses a pathway to enhance growth and generate much-needed foreign exchange.
“Our currency keeps depreciating, but the dollar rate remains the same. Local businesses that tap into export markets can bring foreign exchange into the country, thus strengthening the economy,” Mr Daniel Appiah explained. By expanding their reach beyond domestic borders, Ghanaian businesses can not only grow their revenue streams but also contribute to national economic resilience.
Ghanaian Businesses Seek Strategic Partnerships
The CalBank Trade Summit has attracted several prominent Ghanaian companies, including Earthlink Ltd., represented by its CEO, Felix Boadu. Boadu emphasized the importance of the summit in providing a platform to learn about industry innovations in Turkey’s construction sector. “In building and construction, you need to know what others are doing. I am here in Turkey to learn from their industry and gain insights that will help improve our business back home,” he stated.
The diverse Ghanaian delegation, spanning sectors like construction, agriculture, and manufacturing, is actively engaging in B2B meetings to establish valuable partnerships. By connecting with Turkish business leaders and investors, Ghanaian firms are exploring collaborative opportunities that could lead to joint ventures, technology transfers, and new market entries.
The trade summit comes at a time when Ghana and Turkey are seeking to deepen their economic ties. Banu Sönmez, Founder and CEO of Global Eternity, who led the Turkish delegation, underscored the significance of sustained engagement between the two nations.
Sönmez called on Ghanaian businesses to prioritize product quality and innovation to meet the expectations of international buyers and investors. “Turkey’s trade with Ghana has been growing consistently, but there is still room for improvement. We need continuous engagement to explore new opportunities and enhance trade flows,” she remarked.
According to the United Nations COMTRADE database on international trade, Turkey’s exports to Ghana reached $421.25 million in 2022, driven by a steady increase in demand for Turkish products. While the trade balance remains tilted in favor of Turkey, the summit aims to empower Ghanaian companies to leverage this platform to increase their exports and reduce the trade deficit.
A Roadmap for Future Engagements
The success of the CalBank Trade Summit in Turkey builds on previous B2B initiatives that have facilitated numerous international contracts for Ghanaian businesses. By hosting the summit in Turkey, CalBank has provided a unique opportunity for companies to gain insights into one of the fastest-growing markets and forge connections with reputable Turkish businesses.
Following the engagements in Turkey, the Ghanaian delegation is scheduled to continue its tour with a visit to Dubai for additional B2B meetings. This multi-country approach reflects CalBank’s commitment to supporting Ghanaian businesses in their quest for international expansion and increased market presence.
By focusing on quality improvement, market research, and effective partnership building, Ghanaian businesses are well-positioned to capitalize on international opportunities, driving sustainable growth and economic development. With CalBank’s ongoing support and strategic initiatives, Ghanaian exporters can look forward to a brighter future on the global stage.
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