The Ghana National Chamber of Commerce and Industry (GNCC) Chief Executive Officer, Mark Badu-Aboagye, has called for stronger and increased trade relations between Ghana and Morocco to further tap into the economic potentials of the two countries for mutual benefit.
According to Mr. Badu-Aboagye, optimal trade among the two countries can only be used for mutual economic growth and development when the private sector maximises the opportunities to grow their businesses through the bilateral partnership between Ghana and Morocco.
Speaking at the first edition of the ‘African Power Road’ business forum in Accra, the Chief Executive Officer of GNCC Mark Badu-Aboagye said the time has come for Ghana to position itself to trade with Morocco more, by increasing its export volumes to the North Africa country as a way of increasing trade among African neighbours.
“Both the Ghana government and Morocco have committed themselves to deepening bilateral trade for mutual economic growth and development, and it’s my wish and hope that businessmen and women will maximise this opportunity to grow their businesses through the partnership.”
Mr. Badu-Aboagye further noted: “The Ghana National Chamber of Commerce and Industry, as the representative voice of the private sector, will continue to engage the government of Ghana and other stakeholders to ensure the enabling business environment is improved to sustain growth of businesses and improve our trade with the rest of the world as well”.
The ‘African Power Road’ business forum was organised to promote trade relationships between the Kingdom of Morocco and Republic of Ghana in a win-win partnership between companies of the two respective countries.
The forum brought together over 80 Moroccan companies with corresponding business counterparts from 16 different sectors of the economy. Some of the sectors include, Energy, Banking, Logistics, Plastic Industry, Trading. Waste Management, Building and Civil Energy, Information Technology, etc.
As of 2016, the total trade statistics between Ghana and Morocco from the International Trade Centre show that Ghana’s exports to Morocco stood at US$7.4million – representing less than one percent (0.07%) of Ghana’s total exports.
Meanwhile, Ghana’s imports from Morocco stood at US$87.9million, which again represented less than a percentage point of Ghana’s total imports.
The data clearly reinforces the need for the two countries to deepen their trade relationship as a way of ensuring mutual economic benefits, according to the CEO of GNCC.
Steadily increasing trade within Africa
Trade between Morocco and the rest of the continent has grown steadily in recent years (+ 20%, or more than US$1.5billion).
Sub-Saharan Africa, with an average growth rate of about 6.3% during the 2000s (a world record after Asia), offers an increasingly attractive economic outlook and market.
Still, the volume of trade remains modest in absolute terms: sub-Saharan Africa now accounts for just over 6% of Moroccan exports and just under 1% of its imports (compared with 5% in 1993).