Australian-Ghanaian Chamber of Commerce and Industry to deepen trade ties

The Australian-Ghanaian Chamber of Commerce and Industry (AGCCI) has been officially launched, with a pledge to deepen trade ties between the two countries.

Serving as a bilateral chamber and support organisation, the AGCCI said it is committed to creating a platform that facilitates and strengthens trade and investments by identifying both existing and potential opportunities in both countries which businessmen and corporate entities can maximise.

AGCCI will be an avenue for business development, advocacy policy dialogues and technology exchange; and provide professional and in-demand business, international trade advice and top-notch support services for members to grow their interests between the countries as well as foster stronger networks with the respective governments and their various agencies to promote businesses.

Speaking at the launch in Accra, Australian High Commissioner to Ghana, Berenice Owen Jones, noted that the AGCCI is a priority to the Commission, as she is confident both countries can leverage the numerous opportunities available for mutual economic growth.

“In Ghana, Australian companies play significant roles in the development of Ghana’s extractive sector. Most Australian companies are in Ghana as well as other high-end engineering sectors.

“There is a need for Australian companies in Ghana and Ghanaian companies in Australia to take greater advantage of opportunities in other sectors. This is where I hope the AGCCl will make a difference,” she said.

Highlighting the trade progress, she stressed a need for promoting bilateral initiatives to achieve greater results as the potential for increased trade and investment has not been adequately harnessed.

“It is clear that, beyond mining, Australian investment and the bilateral commercial relationship have not reached their full potential. I would like to see this potential turn into reality. Ghana has a lot to offer Australian companies, and it remains a destination of choice for them in Africa.

“The low-hanging fruit are areas where Australia has a comparative advantage, which matches Ghana’s needs. The AGCCI will help build bridges between our two countries and strengthen partnerships in both Ghana and Australia,” she indicated.

She assured that as a member of the Group of 20 (G20), Australia has significant business and investment offerings for Ghana in areas like agribusiness, finance, energy, education and others.

For his part, Minister of Trade and Industry K. T. Hammond pledged Ghana’s commitment to providing a conducive environment for trade to thrive between the two parties.

He also underscored the need to reduce trade barriers and enhance market access for greater impact.

“To achieve this, we must focus on enhancing market access and reducing trade barriers. We should explore avenues for knowledge-sharing, technology transfer and capacity-building. It is through collaboration, innovation and entrepreneurship that we will be able to unlock the full potential of our bilateral ties,” he said.

Mr. Hammond also urged Australian counterparts to explore the opportunities available in Ghana, pointing out prospects such as natural resources, skilled human resources and a stable political climate, among others.

“Our stable political climate, skilled workforce and abundance of natural resources make Ghana an attractive investment destination. We are open for business and eager to forge new partnerships that will drive our economic development and improve the lives of our people,” he said.

Trade history 

Available data on the Observatory of Economic Complexity (OEC) indicated that in 2021 Ghana exported US$196million to Australia. The main products exported from Ghana to Australia were Gold (US$190million), Cocoa Paste (US$3.82million), and Basketwork (US$470,000).

During the last 26 years, the exports of Ghana to Australia have increased at an annualised rate of 18.9 percent, from US$2.17million in 1995 to US$196million in 2021.

In 2021, Australia exported goods valued at US$86.7million to Ghana. The main products exported from Australia to Ghana were Delivery Trucks (US$12.2million), Aluminium Oxide (US$11.6million), and Liquid Pumps (US$3.24million).

During the last 26 years, the exports of Australia to Ghana have increased at an annualised rate of five percent, from US$24.4million in 1995 to US$86.7million in 2021.

 

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