The Australian Ghanaian Chamber of Commerce and Industry (AGCCI) has been officially launched to deepen trade ties between the country and Australia.
Serving as a bilateral chamber and support organisation, AGCCI is committed to creating a platform that facilitates trade and investments between the two countries.
It also seeks to strengthen trade and investment by identifying both existing and potential opportunities in both countries, which businessmen and corporate entities, on both sides, could maximize.
AGCCI will create the enabling platform and network through business development, advocacy policy dialogues and technology exchange; provide professional and in-demand business and 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 the businesses of our members.
Speaking at the launch, the 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 the need for Australian companies in Ghana and Ghanaian companies in Australia to take greater advantage of the opportunities in other sectors This is where l hope the AGCCl will make a difference,” she said.
Highlighting the trade progress, she stressed the need to promote 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 has not reached its 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 fruits 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 both in 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, the Minister of Trade and Industry, K. T. Hammond pledged Ghana’s commitment to providing a conducive environment for trade to strive 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 the Australian counterparts to explore the opportunities available in Ghana , pointing out prospects such as natural resources, skilled human resources, 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.
Available data on the Observatory of Economic Complexity (OEC) indicated that in 2021, Ghana exported $196 million to Australia. The main products exported from Ghana to Australia were Gold ($190million), Cocoa Paste ($3.82million), and Basketwork ($470,000).
During the last 26 years, the exports of Ghana to Australia have increased at an annualised rate of 18.9 percent, from $ 2.17 million in 1995 to $ 196 million in 2021.
In 2021, Australia exported $86.7 million to Ghana. The main products exported from Australia to Ghana were Delivery Trucks ($12.2million), Aluminium Oxide ($11.6million), and Liquid Pumps ($3.24million).
During the last 26 years, the exports of Australia to Ghana have increased at an annualised rate of five percent, from $ 24.4 million in 1995 to $86.7 million in 2021.