Trade between Ghana and Brazil In 2020 Hit US$267 million

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Ghana Imports Brazil
Ghana Imports Brazil

The Ghana Investment Promotion Centre (GIPC) says despite the pandemic and its associated constraints, trade between Ghana and Brazil in 2020 amounted to approximately $267million.

Mr Yaw Amoateng Afriyie, the Deputy Chief Executive Officer of GIPC, said according to records, the total Foreign Direct Investment (FDI) from Brazil to Ghana since 1994 was valued at approximately $334million.

Mr Afriyie was speaking at the third Brazilian Multi-Sectoral Trade Mission to Ghana organised by CECIEx and Apex Brasil, through the Brazilian Suppliers Project with support from Sao Paulo Chamber of Commerce and The Embassy of Brazil in Accra.

The three-day Trade Mission aimed at bringing Brazilian companies into direct contact with potential Ghanaian companies and hosted buyers from Benin, Burkina Faso, Côte d’Ivoire, Republic of Guinea, São Tomé and Príncipe and Togo.

The Mission targeted importers, distributors, wholesalers, local businesses, and Government agencies to discuss and explore possibilities of mutually beneficial trade relationships.

Targeted sectors include Food & Beverage, Cosmetics & Personal Care, Home & Construction, Furniture, Safety & Health, Logistics & Trading, Machines and Equipment for micro and agro-industries from different sectors and Retail.

Mr Afriyie said Brazil was also a significant source of FDI particularly in the building and construction industry, which had received the most FDl, adding that Brazil was one of Ghana’s most important trading partners.

He said this year’s mission to Ghana was particularly encouraging to the business and trading relationship both countries sought to solidify.

The Deputy CEO said as the global economy recovered from the ravages of the COVID-19 pandemic, it was now facing a precarious geopolitical future with ramifications for economies such as that of Ghana’s.

“In that vein, GIPC’s strategic focus for 2022 and beyond seeks to develop partnerships, strategic initiatives and pursue reforms, to support private sector growth and the jobs agenda,” he added.

He said missions like that were critical because they offered opportunities to explore and build a network of agents, buyers, suppliers, and contacts for mutual benefit.

The Deputy CEO said Ghana saw Brazil as a strategic market that offered tremendous expertise, scale, and scope for Ghanaian business.

He said at the same time, Brazilian companies offered the country know-how, products, expertise, and a competitive advantage in sectors, including agriculture, construction, and manufacturing.

Mr Afriyie, therefore, charged the Ghanaian companies to diversity their global vendors and partners by taking advantage of some of the prospects that the Brazilian mission brought to Ghana

He said as the Centre continued strengthening the country’s business and trade relationship, “we must be guided by mutually beneficial agreements and not lopsided contracts and investments that create jobs and development in both countries.”

The Deputy CEO said GIPC would continue to encourage investment from Brazil, and count on their support in further deepening the relationship.

He urged the Brazilian Mission to view Ghana as an essential commercial springboard under the Africa Continental Free Trade Area, a trade area of enormous potential with 1.3 billion people and a combined GDP of about US$3trillion and growing, with abounding trade, export, and investment prospects.

He said a growing Ghana offered investment opportunities in several sectors for Brazilian companies, including Agribusiness, Manufacturing Healthcare, Textiles and Garments, Education and Construction.

Mr Afriyie reiterated the Government’s and GIPC’s commitment to fostering an enabling environment for businesses.

Madam Maria Elisa De Luna, the Brazilian Ambassador to Ghana, commended the Government’s approach towards combating the Coronavirus pandemic.

She said Ghana had always been a market for Brazilian products, adding that there was the need for investment in the country’s economy, because the country was stable and ready for investment.

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