Ghana and Guyana Chambers of Commerce pledge to boost trade relations

Officials of the Ghana National Chamber of Commerce and Industry (GNCCI) and the Georgetown Chamber of Commerce and Industry, the national trade association for Guyana, have agreed to take immediate steps to boost trade relations between the two countries.

The two business associations made this commitment after they held a bilateral meeting to deepen diplomatic, trade and economic relations between Ghana and Guyana.

The agreement is in line with one of the GNCCI’s strategic goals of convening, co-ordinating and catalysing the private sector towards achieving national development goals.

The president of the GNCCI, Clement Osei-Amoako, said Ghana, with its political and economic stability, is an ideal destination for business on the African continent.

He was delivering an address to the meeting on Monday (22 May 2023) between the GNCCI and GCCI in Guyana.

“Ghana is currently one of the fastest-emerging market economies, and the government is committed to pursuing business-friendly policies and programmes to achieve economic and industrial transformation and move Ghana beyond aid,” Osei-Amoako said.

“Moreover, the government actively seeks co-operation and partnerships to realise this vision, offering fiscal and non-fiscal incentives to support production and private sector development.”

Leveraging opportunity

According to the GNCCI president, “Both Ghana and Guyana have leveraged opportunities in the areas of trade and investments to foster economic growth [and], in recent years, both countries have demonstrated remarkable macroeconomic performances, making them attractive destinations for businesses and investment.

“Ghana’s economy has witnessed steady growth, with sectors diversifying into agriculture, manufacturing and services.

“Similarly, Guyana’s economy has experienced a surge due to its vast natural resources and the development of key industries like oil and gas.”

These developments, Osei-Amoako says, are the foundation on which the new partnership between Ghana and Guyana will be founded.

Trade potential

To emphasise his point, the GNCCI president noted that: “Data from the International Trade Centre (ITC) points to the fact that Ghana’s exports to Guyana decreased by 55.99% from US$768,000 in 2019 to $338,000 in 2021.

“During the same period, Ghana’s imports from Guyana also decreased by 99.85% from US$324.3 million to $486,000. These figures highlight the economic potential that both countries can offer for our mutual benefits,” Osei-Amoako said.

“Major trading products include: electrical machinery and equipment; vehicles other than railway or tramway rolling stock, together with associated parts and accessories; optical, photographic, cinematographic, measuring, checking, precision, medical or surgical equipment; and ships, boats and floating structures,” the GNCCI president said.

“There are many similarities between Ghana and Guyana that can lead to fruitful business-to-business collaborations. Our countries have an abundance of natural resources, a young and energetic workforce, and governments that are dedicated to fostering a business-friendly environment.

“By promoting trade between our countries, we can expand our export capabilities, open new markets and establish win-win scenarios for our businesses,” said Osei-Amoako.

Reporting by Wilberforce Asare in Accra