GHANA-BURKINA FASO ECONOMIC AND TRADE PROMOTION DAYS LAUNCHED
The Ghana National Chamber of Commerce and Industry in collaboration with Burkina Faso Chamber of Commerce and the Ministry of Industrial Development, Trade, Handicraft, and Small and Medium Enterprises has lunched the “ECONOMIC AND TRADE PROMOTION DAYS”.
The Event which had some government officials, investors, private sector players as well as some members of the Chamber was to announce the upcoming Ghana-Burkina Faso B2B forum to promote economic, and trade relations between the two countries. In addition, the event will serve as a framework for strengthening diplomatic relationships between Burkina Faso and other African countries.
The president of the Chamber, Mr. Clement Osei-Amoako stated that, across the globe, trade is recognized as a powerful instrument for strengthening economic and bilateral relationships. In light of this, the Chamber believes that the theme of the forum "Economic and Trade Promotion Days," scheduled for September 27 to October 2 in 2022, is very timely.
“Strengthening economic and trade partnership between Burkina Faso and Ghana, serves as a synergies of actions in the current context of the implementation of African Continental Free Trade Area”, he reiterated.
According to him, the Ghana National Chamber of commerce and Industry recognizes the steady and fruitful diplomatic relationship between Ghana and Burkina Faso. This he said is due to cooperation, several projects that have been proposed and undertaken including but not limited to the power interconnection project as well as railway connectivity linking the two countries to enhance cross-border trade and bilateral integration.
Mr. Osei-Amoako also mentioned the many investment opportunities in Ghana, including those in the fields of infrastructure, real estate development, road construction, healthcare and pharmaceuticals, agro-processed goods, plastics, textiles, and cosmetics manufacturers, as well as general trade, information technology, and mineral oil.
He noted that, the Export Potential Map projection based on demand and supply, market access conditions and bilateral ease of trade shows that the total value of the top 51 leading products from Ghana to Burkina Faso amount to US$ 8.4 billion. Out of this amount, Ghana is exporting only 33 per cent representing US$ 2.8 billion. This means that there is huge export potential for Ghana and Burkina Faso that both countries can take advantage.
The Burkinabe High Commissioner to Ghana, H.E. Mr. Pingrenoma Zagré, said, he is keen to ensure that Ghanaian and Burkinabè businessmen leverage this opportunity to straighten the ties between the two countries. “We will focus on creating a platform and opportunities for Small and Medium Enterprises (SMEs) and Small and Medium Industries (SMIs) of both countries”
According to him, the event will not only highlight Burkinabe products but also bring together government representatives, investors, and private sector players to foster the economic integration of Burkina Faso and vice versa with a focus on the tourism, culture, and economic sectors.
He said African countries are endowed with business opportunities but fail to recognise those opportunities making foreign countries always come for the opportunities in the country.
“Anytime there is a problem, it brings an opportunity that we can harness yet we fail to recognise those opportunities, looking at what Ghana is doing as a country, going out for support means there is a huge financial gap in which the country needs to look within its neighbouring countries before running for external support overseas” he stated.