Ghana-China trade hit over US$6b in 2017

The Chinese ambassador to Ghana Madam Sun Boahong has disclosed that the volume of trade between Ghana and China has hit US$6.67billion by the end of 2017.

This is an 11.67 percent increase over the 5.98 billion recorded in 2016.

According to a 2017 third quarter report by the Ghana Investment promotion Centre (GIPC), China was the leading source of investments in terms of project numbers in Ghana, registering 25 projects.

Although Ghana’s exports to china hit US$1.85million representing over 41 percent increase, trade between the two countries is still imbalanced due to the large volumes of imports from China, Gold Street Business recently reported.

China’s investment in Ghana last year stood at US$123 million including the US$50million fund for the construction of the Jamestown Fishing Port Complex in Accra.

The project, expected to kick-off before the end of this year, will enhance the productivity of the fisher folks and create about 1000 job opportunities based on early figures from the feasibility studies currently underway.

The scope of the project includes the dredging of 118,000 cubic meters of the harbour basin as well as the construction of berths, sea defense wall and the breakwater.

It will also include the construction of administration block, production and ancillary facilities including an open space building, a kindergarten, trading and processing area, commercial area and other production and their supporting facilities.

Speaking at the signing ceremony, Finance Minister, Ken Ofori-Atta reiterated government’s commitment to ensure macroeconomic stability that will help create the enabling environment for accelerated economic growth to catapult Ghana beyond aid.

On her part, the Chinese ambassador to Ghana Sun Baohong assured Ghana of her government’s continues support towards the country’s development.

“We have been very important development partners. Our economic cooperation has reached strong heights. We are providing development assistance within our capacity. The China satellite TV projects will be implemented in 300 villages next month,” Baohong stated.

Madam Boahong also lauded government for initiating various policies which she says have impacted positively on the economy and pledged her government’s support for the “Ghana beyond Aid” project.

“We wish that this goal will be realised with the help of international partners,” she added.

China has provided more than 900 training opportunities for Ghanaians in 2017 in addition to US$16million for the continuation of various projects including the phase 2 of the University of Health and Allied Sciences in Ho, Volta Region.

Source: Ghana/Starrfmonline.com/103.5FM/with additional information from Gold Street Business

 

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