By Ghana and Kenya, two emerging economies in Africa, have taken substantial steps to enhance bilateral trade relations, aiming to lead the continent’s economic advancement.
This bilateral trade collaboration, initiated by Ghana’s President Nana Addo Dankwa Akufo-Addo, aligns with the objectives and provisions of the African Continental Free Trade Area (AfCFTA) Agreement.
“What is being done in this room today is critical for our continent and the future prosperity of our people,” President Akufo-Addo said, as he was joined by visiting Kenyan President William Ruto to witness the signing of multiple pacts between the two countries, at a ceremony in Accra.
The Memoranda of Understanding were initiated jointly by the Ghana Investment Promotion Centre (GIPC) and the Kenyan Investment Authority, as well as the Association of Ghana Industries and the Kenya Association of Manufacturers.
Additionally, the Ghana National Chamber of Commerce and Industry and the Kenya National Chamber of Commerce and Industry, along with the Ghana Institute of Management and Public Administration (GIMPA), are also involved.
President Akufo-Addo emphasized that the business community holds the responsibility to bolster intra-African trade, leveraging the opportunities presented by AfCFTA, the continent’s financial resources, and technological advancements.
“Your ability to seize the opportunities that will determine whether or not we go forward, and that will determine whether or not the eradication of poverty in our generation is made possible in Africa,” he emphasised.
President Akufo-Addo assured that the leadership of the continent was focused on providing the requisite space and framework for African businesses to thrive.
“We want to see that growth because it is that growth that holds the key to our future,” he stated.
According to trade data analysis from the Observatory of Economic Complexity (OEC) in 2022, Ghana exported goods worth US$5.46 million to Kenya. The primary products included coconut oil, cocoa powder, mushroom spawn, and other live plants.
Over the past 26 years, Ghana’s exports to Kenya have grown at an annualized rate of 18.2%, while Kenya’s exports to Ghana have increased at an annualized rate of 14.2%.
In 2022, Kenya exported goods worth US$9.53 million to Ghana, with main products including vegetable fibers, tea, and aluminum plating, as reported by the OEC.
President William Ruto, currently on a State visit to Ghana, expressed his appreciation for the renewed partnership between the two nations. He highlighted their roles in enhancing democratic governance within their respective regions—East African and West African blocs—which in turn fosters a stable environment for mutual economic growth.
Africa, he said, had many endowed resources at its disposal that could be harnessed for accelerated socio-economic growth.
The vibrant youth population, available land and natural resources put the continent in a strategic place to become an economic powerhouse, if the right policies were instituted, the Kenyan President stated.
