Ghana and Burkina Faso to promote trade and commerce

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Economics Trade Promotion
Economics Trade Promotion

Ghana and Burkina Faso, through their respective Chambers of Commerce and Industry, seek to promote trade and commerce through exhibition of products in Accra.

The five-day event, scheduled for September 27 to October 2, 2022, will focus on creating a platform and opportunities for Small and Medium Enterprises (SMEs) and Small and Medium Industries (SMIs) of both countries.
The event would not only showcase Burkinabe products but bring together government officials, investors, private sector players to create conditions for a harmonious integration of Burkina Faso economy and vice versa with special attention on tourism and culture, commerce, and economic sectors.

This was said during the launch of Ghana National Chamber of Commerce and Industry (GNCCI) and Burkina Faso Trade Fair on the theme: “Strengthening economic and trade partnership between Burkina Faso and Ghana: which synergies of actions in the current context of the implementation of African Continental Free Trade Area (ACFTA).”

Ghana is the fourth country to benefit from Burkina Faso’s trade fair after Benin in 2015, Côte d’Ivoire in 2017 and Senegal in 2019 under the auspices Ministry in Charge of SMEs, Economic and Trade Promotion Days of Burkina Faso at abroad (Journée de Promotion Économique et Commerciale (JPEC).

Burkina Faso and these countries had strengthened their economic and trade relationship and the companies were forging alliances in commercial, financial, industrial, and technological fields.

Mr Clement Osei-Amoako, the President GNCCI, said the partnership had come at an opportune time as it would help share ideas and establish business relationships, adding that it would create new opportunities for trade, investment, and employment.

“There are many investment opportunities in Ghana in infrastructure and real estate development, road construction, healthcare and pharmaceuticals. Others are agro-processed goods, plastics, textiles, cosmetics, manufactures of metals, mineral oil, general trade, information, and communication technology,” he said.

Mr Osei-Amoako said data from the International Trade Centre showed that Ghana’s exports to Burkina Faso increased from US$264 million in 2020 to US$276 million in 2021 and its imports from Burkina Faso amounted to US$ 50 million in 2021.

He said Ghanaians would be ready to tap into their businesses and export more to them and within the region, particularly in the time the Cedi is depreciating.

Mr Pingrenoma Zagre, the Ambassador of Burkina Faso to Ghana, who launched the fair, said the event would not only strengthen economic and business ties but create a platform for learning and exchange of knowledge.

He said both countries had more to explore taking into consideration their geographical and cultural links.
Export Potential Map projection based on demand and supply, market access conditions and bilateral ease of trade, show that the total value of the top 51 leading products from Ghana to Burkina Faso amounts to US$ 8.4 billion.
Out of this amount, Ghana is exporting only 33 per cent representing US$ 2.8 billion.

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