Nigeria is seeking to increase its trade volumes and investment in Ghana as the two largest Economic Community of West African States (ECOWAS) trade regions deepen their relations with a Chief Executive Officers’ forum.
Data provided by ECOWAS indicate that total trade of the region averages $208.1 billion, which Nigeria alone accounts for approximately 76 percent, followed by Ghana with 9.2 percent.
The Ghana Export Promotion Authority (GEPA) figures also provide that as of 2016, Ghana and Nigeria saw the highest level of trade relations as trade passed $1 billion.
The National Bureau of Statistics (NBS), Nigeria, in its third-quarter Foreign Trade in Goods Statistics, disclosed that Ghana had become the country’s biggest export destination for the first time after toppling India.
Ghana had 17.18 percent of the total export, followed by India, 14.67 percent, Netherlands, 9.82 percent, Spain, 8.60 percent, and the United States of America, 6.28 percent.
The country is seeking to further increase trade and investment in Ghana, therefore, the organisation of the two-day CEO forum in Lagos and Abuja, respectively to expose CEOs in Nigeria to opportunities in Ghana.
The forum was to provide an avenue for participants to also understand operating laws and compliance requirements in Ghana, address challenges inherent in doing business in the country, and deepen trade and investment ties between the two countries.
The forum, first of a kind, engaged about 100 business executives in sectors, including agriculture, Information Technology (IT), music, fashion, and other trade and investment sectors.
It was held on Wednesday, February 16, and Thursday, February 17, 2022, by the Ghana Nigeria Business Council (GNBC) and Ghana Investment Promotion Council (GIPC) on the theme: “Ghana and Nigeria Stronger Together.”
It was supported by the Ghana Export Promotion Authority (GEPA), Ghana Free Zones Authority, Ghana High Commission to Nigeria, and Nigeria-Ghana Business Council.
Commenting on the event in an interview with the Ghana News Agency, Ms. Nadia Takyiwaa-Mensah, Executive Secretary of GNBC, said: “The forum will show Nigerians the business opportunities available in Ghana, the GIPC Law and how they can comply with it when setting up business in Ghana.”
She noted “The forum is very important to the business environment because it would make businesses invest in Ghana. The economy will boom, and people will have jobs, especially in this time when a lot of tension is going on. Through this forum, we will be able to strengthen our relations.”
Mr. Reginald Laryea, Chairman of GNBC, in a statement, said: “As a council, we have progressively been taking steps to further deepen ties, promote opportunities and drive engagement between businesses in Ghana and Nigeria.
“It is a great milestone that we have reached by organising the CEO Forum with key government partners and stakeholders, which shows our seriousness as a country in ensuring we continue to build our age-old relationship with Nigeria.”
He added that: “We are really looking forward to this being one of many trips organised by the Council with our partners to really drive home our enthusiasm to further project Ghana and Nigeria’s trade.”
Source GNA
