President of Ghana Mr. Nana Akufo-Addo emphasized his country’s interest in developing economic and trade cooperation with the UAE in light of the growing bilateral relationship between the two friendly countries.
President Akufo-Addo expressed his desire while speaking at ‘The Ghana: Limitless Opportunities Business’ Forum, held at Jafza One Convention Center, Jebel Ali Free Zone.
“Ghana is interested to deepen its economic cooperation and bilateral relations with the UAE”, the Ghanaian President remarked while outlining the country’s promising investment opportunities available in agricultural, industrial, and mining sectors, in addition to its ‘competitive advantages provided to investors within a stimulating business environment,’.
The one-day business forum, which has several high-profile dignitaries in attendance, including Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, offered a platform for investors and businessmen from Ghana and Dubai to meet and explore viable, profitable business and investment opportunities.
It has also provided an opportunity for both countries to strengthen trade and investment ties, as well as explore new bilateral treaties that will benefit various sectors of their economies.
President of Ghana also stressed that Ghana has developed into one of the best African countries to do business in, with the strategic position, rich natural resources, and recent economic recovery plans to counter the effects of COVID-19 and lift the country’s economy to new heights of growth and development.
“Ghana is not only the best place for doing business in West Africa, but the fastest growing economy in the world according to the World Bank’s Ease of Doing Business Report 2019”, President Akufo-Addo added.
The Ghanaian President underlined the importance of private sector involvement in supporting the economic growth of the country, adding that the “Ghana: Limitless Opportunities Business Forum” represents an important opportunity to introduce the business climate and investment opportunities available in Ghana to the UAE business community.
Mr. Akufo-Addo reassured that his country is ready to build a long-term strategic partnership with the UAE and invited investors, companies, and the business community in the UAE to visit the African country and take advantage of its unique facilities.
Welcoming the Ghanaian President and the accompanying delegation to the UAE, the Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, emphasized the strong economic ties with Ghana, based on the principles of friendship, constructive cooperation, and respect for the common good.
“The UAE has always enjoyed warm and friendly relations with this West African partner and welcomes events such as these that contribute to boosting economic ties between our two countries. The UAE ranks 7th globally and first in the Arab world among Ghana’s trading partners. The UAE accounts for more than 4 percent of Ghana’s foreign trade with the world – and more than 75 percent of its total trade with the Arab world.”
Dr. Al. Zeyoudi further added that, “The value of non-oil foreign trade between the UAE and Ghana amounted to US$2.7 billion in 2021, reflecting a 25 percent growth compared to 2020 – and 56 percent compared to 2019. Moreover, Ghana is among the most important African markets for the UAE’s non-oil trade.”
During the forum, the UAE and Ghana signed five Memoranda of Understanding (MoUs) covering;
- To set up Ghana Investment Promotion Centre (GIPC) in Dubai
- To enhance economic and technical cooperation
- To facilitate attracting investments from the UAE to Ghana
- To establish the UAE-Ghana Business Council
- To facilitate technology equipment and information exchange with investment opportunities
The forum began with a panel discussion on opportunities available in Ghana’s energy, sanitation, and housing, and a session discussing opportunities in Ghana’s manufacturing and tourism sectors. Both sessions highlighted the promising investments in key areas of Ghana, the most important incentives and competitive benefits offered to investors, its flexible legislative climate, and its strategic position as a gateway to Africa.
The event was also hosted by several CEOs, local government and private financial operations managers, and representatives of Ghana’s business community.