Finance Minister Dr Cassiel Ato Forson has called for a fundamental shift in Ghana’s trade relationship with China towards greater local processing, manufacturing, technology transfer and job creation.
He said although China remained Ghana’s largest trading partner, the structure of trade between the two countries needed to change to enable Ghana derive greater economic value from its exports.
Dr Forson made the call at the opening of the Fifth Session of the Ghana–China Joint Commission on Economic, Trade and Technical Cooperation.
“China is now Ghana’s largest trading partner, but the structure must improve,” he said.
The Finance Minister said Ghana’s priority was to process more of its raw materials locally and significantly increase exports of processed cocoa and other value-added products to the Chinese market.
He said the country was seeking investments that would strengthen domestic production, build industrial capacity and create sustainable employment opportunities.
“We seek investments that build processing plants and manufacturing lines, transfer technology, procure from Ghanaian businesses, train our people and create sustainable jobs,” Dr Forson stressed.
According to him, Ghana’s economic partnership with China must go beyond trade volumes and translate into tangible opportunities for local businesses, workers and the wider economy.
He said greater emphasis on value addition would enable Ghana to retain more economic value from its natural resources while strengthening domestic production and industrial capacity.
Dr Forson’s call forms part of broader efforts by government to transform Ghana’s trade structure from one largely centred on the export of raw materials into one that promotes value addition, industrialisation and increased participation of local businesses.
China pledges deeper cooperation
China’s Assistant Minister for Commerce, Zhang Li, who is visiting Ghana for the first time, commended the government for what he described as recent improvements in the country’s economic performance.
He reaffirmed China’s commitment to deepening economic and commercial cooperation with Ghana, particularly in areas that can support the country’s development priorities.
Mr Zhang said China was also prepared to support the government’s **Big Push Programme** and other priority initiatives aimed at accelerating economic development.
The commitment, he said, reflected China’s interest in strengthening its economic partnership with Ghana and supporting initiatives that could promote growth and development.
The Fifth Session of the Ghana–China Joint Commission therefore provides a platform for both countries to review their existing economic relationship and identify opportunities for deeper cooperation.
For Ghana, the emphasis is increasingly on ensuring that stronger trade and investment ties with China translate into local manufacturing, technology transfer, skills development and employment, rather than simply increased volumes of trade.
The government believes such a shift would help strengthen domestic productive capacity and ensure that Ghana captures a greater share of the value generated from its natural resources and growing trade relationship with China.
Source: businesspostonline
