The governments of Ghana and China have signed minutes of the fourth session of the Joint Commission on Economic, Trade and Technical Co-operation between the two countries.
The signing, which was done by the Minister of Finance, Ken Ofori-Atta, and Vice-Minister of Commerce of the People’s Republic of China, Qian Keming, took place in Accra yesterday after discussions on the fourth session by delegates from both sides.
Discussions centred on bilateral trade, investment, financing, development assistance co-operation with regard to grants and concessional loan financing, regional aviation co-operation and human resource training, as well as the implementation of the $60 billion support provided under the Forum on China–Africa Co-operation (FOCAC) for African economies.
The two sides were satisfied with progress of bilateral trade achieved in recent years, and noted the great potential that exists due to the complementary economic structures of both countries.
In that regard, commitments were, therefore, made to support trade and investment liberalisation and facilitation, and further expand bilateral trade through a bilateral trade co-operation agreement to promote economic development and improve the living standards of the peoples of both countries.
The bilateral trade co-operation agreement will include strengthening of information and personnel exchange and facilitating mutual visits of relevant agencies to trade fairs, expositions and other trade promotion activities, so as to enhance mutual understanding and further expand bilateral trade scale.
The Joint Commission on Economic, Trade and Technical Co-operation is a medium-term development assistance agreement expected to be signed every four years between Ghana and China to guide the co-operation arrangement over the period.
Signing the minutes, Ofori-Atta said government was satisfied with the co-operation between it and the People’s Republic of China, and that the President has committed to renew engagement and has agreed to visit China next year, which would be a follow-up to Vice-President Dr Mahamudu Bawumia’s visit.
He said he and Qian were working out the details of the relationship and recognising that Ghana can be a very strong launch pad for scale and activities.
“Significantly, as we know the issues of infrastructure are critical to us, as well as industrialisation and defence and these are all areas that we can collaborate. We are also looking at a new paradigm which will encourage private sector and also Chinese company to come in.”
He said it has been an extremely worthwhile engagement and was looking forward to their visit to China next year.
For his part, Qian, who was on a three-day working visit to Ghana, said his government was committed to enhancing the co-operation between the two countries.
He said the two sides noted that investment was a key area in the next-stage of the economic co-operation and that there was the need to explore potentials to deepen investment co-operation.
He added that Chinese financial institutions would also establish business relationship, exchange information with the Ghana Export-Import Bank and other Ghanaian financial institutions, in order to provide service for the further development of bilateral trade and economic co-operation.
The Chinese side has extended an invitation to Ghanaian delegations to participate in China International Import Exposition from 2018 and other trade promotion activities and to also advertise products such as cocoa, cashew, starch and shea-butter on the Chinese market to encourage further exports from Ghana by Chinese enterprises.
To further support the economic and social development of Ghana, the Government of China is willing to provide the necessary financial support in sectors like electricity, transportation, telecommunication, and education.
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