SA, Ghana vow to strengthen trade and investment ties
President Cyril Ramaphosa and his Ghanaian counterpart, Nana Akufo-Addo, have agreed to strengthen the trade and investment relationship between the two countries.
Ramaphosa hosted Ghana President Nana Addo Dankwa Akufo-Addo at a South Africa-Ghana Bi-National Commission in Pretoria on Tuesday.
"There are 24 agreements and memoranda of understanding between South Africa and Ghana covering various areas of economic, technical, scientific, social and cultural cooperation,” Ramaphosa told the commission.
“We have to accelerate the implementation of these agreements and finalise discussions on additional agreements.
“One of the recent highlights in our bilateral relations was the signing of the reciprocal visa exemption for ordinary passport holders for a period of 90 days per annum, which entered into force on the 1st of November 2023.
“This has resulted in a considerable increase of travellers between our two countries; contributing not only to tourism but towards enhancing business-to-business links, educational and scientific exchanges, and people-to-people ties.
“In addition to the many areas of cooperation that the BNC covers, it is important that we explore how best both countries can increase trade and investment among ourselves," says Ramaphosa.
Ramaphosa assured Akufo-Addo that South African companies want to expand their investment in Ghana.
"Our companies are keen to expand their investments in Ghana and look to us to work together to improve the business environment. We invite investors from Ghana to look at opportunities in our country
“Collaboration between our private sectors and state-owned entities is particularly important.
“South African companies, including several in the banking sector, have expressed interest in exploring opportunities in line with your country’s investment plans.
“There is also scope for collaboration in infrastructure between our two economies, particularly in the building of dry ports, railway networks, airports and hospital facilities. There are also opportunities to be explored in the pre-chemicals sector," he said.
The two presidents signed a new Memoranda of Understanding to continue investing in the two countries.
"These developments add momentum to our relations and call for a hands-on approach to achieve tangible results.
“It is true that our political and economic relations have strengthened, and we are more determined and committed to continue to expand our efforts towards ensuring socio-economic development for the mutual benefit of our people.
“We have identified a pipeline of bankable infrastructure development projects in Ghana, which our development finance institutions are ready to finance. These projects cover rail networks, airports, roads and ports, amongst others,” said Ramaphosa.
Akuffo-Addo said a notable achievement between South Africa and Ghana is the agreement to strengthen trade, investment, education, and migration, marking a new chapter in their bilateral relations.
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