Ghana-China Economic Synergy: Finance Minister Ken Ofori-Atta's Vision For Mutual Prosperity

Kutl Ahmedia

In a strategic move to position Ghana as a premier hub for Chinese businesses in Africa, Finance Minister Ken Ofori-Atta unveiled the government's deliberate efforts during a pivotal engagement in Accra. This initiative, part of the Ghana Mutual Prosperity Partnership, aims to strengthen collaboration between the Ghanaian government and the Chinese Business Community.

Mr. Ofori-Atta emphasized the commitment to address challenges faced by Chinese businesses, equipping them for the future and enhancing Ghana's appeal as a preferred base for Chinese enterprises across the continent. The Finance Minister highlighted Ghana's economic resurgence, stable exchange rates, and decreasing interest rates as factors contributing to the country's attractiveness for businesses eyeing exports to China.

The Ghana Investment Promotion Centre (GIPC) is actively working on an Investment Code to broaden incentives for domestic and foreign strategic investments, creating a conducive environment for investment. China's significant role in Ghana's trade and investment landscape was underscored, with an FDI stock of approximately US$1.1 billion and Ghana ranking as the 4th largest buyer of Chinese goods in Africa.

Mr. Ofori-Atta expressed gratitude for China's support during challenging times, highlighting China's leadership in providing anti-pandemic supplies and supporting Ghana's bid to restructure bilateral debts. Chinese businesses, particularly in infrastructure development, sustainable growth, and the energy and aviation sectors, play a crucial role in Ghana's economic landscape.

Ambassador Lu Kun of The People’s Republic of China in Ghana emphasized the 60-year diplomatic relations between the two nations and Ghana's integral role in China's Belt and Road Initiative. The bilateral trade volume reached US$9 billion in the first 10 months of 2023, showcasing a year-on-year increase of 7.8 percent. Ambassador Lu Kun reiterated China's commitment to sincere cooperation and shared interests.

Chairman Yang Qun of the China Enterprises Chamber of Commerce in Ghana recognized the pivotal role of Chinese business investments in Ghana's progress. Addressing challenges and acknowledging existing investments, he emphasized the positive impact of Chinese enterprises on Ghana's economic landscape, contributing to sustainable development and community engagement.

As both nations enter the Chinese New Year, there's a shared optimism for a prosperous year ahead, building on their historical partnership and commitment to mutual growth. The vision outlined by Finance Minister Ken Ofori-Atta sets the stage for a dynamic collaboration between Ghana and China, fostering economic synergy and mutual prosperity.


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