Trade between Ghana and China was $6b in Q1 of 2024 

The bilateral trade volume between China and Ghana in the first half of 2024 reached nearly $ 6 billion, an increase of 13.3 per cent the previous year.

In 2023, the trade volume exceeded $11 billion, an increase of 10.4 per cent year-on-year, Mr Tong Defa, the Ambassador of the People’s Republic of China, announced in Accra. 

At the reception celebrating the 75th anniversary of the founding of China, the Ambassador emphasized the strong partnership between China and Ghana.  

He highlighted that China remained Ghana’s largest trading partner and a primary source of investment, showcasing the deepening economic ties between the two nations. 

The event was also to welcome Ambassador Defa, marking the beginning of his diplomatic mission in Ghana.  

The occasion reflected the shared commitment to enhancing bilateral relations and fostering mutual growth and development. 

Ambassador Defa said the recent Chinese investment of about $2 billion in the Sentuo Oil Refinery represented a significant development for Ghana’s economy. 

This investment is not only the largest in recent decades, but also reflects the growing interest in the country’s energy sector. 

“As the proud host of the African Continent and Free Trade Area Secretariat, Ghana is blessed with rich resources, a stable society, and a pivotal location and stands out as a gateway to the African continent,” he said. 

Sunon Asogli Power Limited, African World Airlines, steel companies, ceramic industries, and cement factories are all Chinese investments that have integrated into local society and enabled local industrialization.  

He lauded the solid foundation and outstanding potential of China-Ghana practical cooperation, noting that “Ghana is the second Sub-Saharan African country to establish diplomatic ties with China.” 

Ambassador Defa emphasized Ghana’s commitment to the one-China principle during the recent Beijing Summit, highlighting the strong bilateral and multilateral cooperation between Ghana and China. 

As of the end of 2023, approximately 4,600 Ghanaian students were studying in China, making Ghana the third-largest source of African students in the country.  

Additionally, over 9,000 Ghanaians visited China throughout the year for tourism, business, education, or official engagements.  

China has deployed 13 batches of medical teams to Ghana, which has become highly regarded. 

“Under the guidance of the people-centred development philosophy, we have lifted nearly 100 million people out of poverty, nurtured the world’s largest mid-income group, totalling over 400 million people, and set up the world’s largest education system, social system, and medical care system. 

“For years, China has contributed around 30 per cent to the global economic growth,” he said. 

Ambassador Defa highlighted significant growth in China’s exports of electric vehicles, lithium-ion batteries, and photovoltaic products, which surpassed 1 trillion yuan (around $140 billion) with a 30 per cent year-on-year increase. 

He also noted a dramatic rise in China’s investment in Africa, increasing from under $500 million in 2000 to over $40 billion in 2024, underscoring China’s expanding economic influence and commitment to enhancing its trade and investment relationships on the continent. 

Ambassador Defa underscored China’s commitment to international cooperation through several initiatives aimed at promoting development and security.  

The Belt and Road Initiative focuses on infrastructure and economic connectivity, while the Global Development Initiative aims to address developmental challenges.  

The Global Security Initiative emphasizes stability and cooperation, and the Global Civilisation Initiative promotes cultural exchange and mutual understanding.  

He noted that those initiatives reflect China’s vision of inclusive modernization that seeks to support countries in their development journeys. 

Mr. Albert Kan Dapaah, the Minister of National Security, said the adoption of the Beijing Declaration and the Beijing Action Plan for 2025-2027 would strengthen bilateral cooperation and elevate China-Africa relations.  

He noted that said President Xi Jinping’s proposal for joint modernization efforts and the Ten-Point Partnership Action Plan resonates with Ghana’s vision for a modern, prosperous, safe, and peaceful Africa. 

The Minister noted that China’s position as co-chair of the Official Creditors Committee was instrumental in securing $1.5 billion in funding during Ghana’s negotiations with the International Monetary Fund.  

The financial support was crucial for revitalizing Ghana’s economy and underscores China’s reliability as a development partner, particularly in challenging times. 

Mr. Kan Dapaah emphasized Ghana’s commitment to fostering a conducive environment for Chinese investment, particularly in key sectors such as agro-processing, mining, tourism, and education. 

He welcomed the new Ambassador and expressed his hopes for a productive partnership, reaffirming the importance of collaboration under his leadership. 

Source: GNA 

The post Trade between Ghana and China was $6b in Q1 of 2024  appeared first on Ghana Business News.