By Stephen Asante
Accra, April 03, GNA – Two of Africa’s developing countries, Ghana and Kenya, have taken significant moves to strengthen bilateral trade ties as they seek to lead the continent’s economic growth.
The bilateral trade cooperation, begun by Ghana’s President Nana Addo Dankwa Akufo-Addo, is being carried out in accordance with the terms and objectives 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,” the President 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 initialed by the Ghana Investment Promotion Centre and the Kenyan Investment Authority, Association of Ghana Industries and Kenya Association of Manufacturers.
The rest are the Ghana National Chamber of Commerce and Industry and Kenya National Chamber of Commerce and Industry, as well as the Ghana Institute of Management and Public Administration.
President Nana Akufo-Addo said the business community had a responsibility to increase intra-African trade, leveraging the opportunities within the AfCFTA, the continent’s financial resources and technological advancement.
“Your ability to cease 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.
The President 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.
The Observatory of Economic Complexity (OEC) trade data analysis indicates that, in 2022, Ghana made an export worth US$5.46 million to Kenya, with the main products covering coconut oil, cocoa powder, mushroom spawn and other live plants.
During the last 26 years, the exports of Ghana to Kenya have increased at an annualized rate of 18.2 per cent, while the exports of Kenya to Ghana have increased at an annualized rate of 14.2 per cent.
In 2022, Kenya made an export worth US$9.53 million to Ghana – the main products covering vegetable fibres, tea, and aluminium plating, according to the OEC.
President Ruto, who is on a state visit to Ghana, welcomed the renewed partnership between the two countries, saying their respective roles in deepening democratic governance in the East African and West African blocs, respectively, provided a stable environment for shared economic growth.
He said Africa had many resources that could be used to boost socioeconomic growth.
The continent’s vibrant youth population, sufficient land, and natural resources position it to become an economic powerhouse if the correct policies are implemented, according to Kenya’s President.
GNA