THE Board of Investments (BoI) is eyeing deeper bilateral trade relations with the Republic of Ghana.
Speaking at the Ghana-Philippines Business Forum and Business-to-Business Session at Makati City, BoI Executive Director for Investment Promotion Service Evariste Cagatan committed to strengthen bilateral trade relations with Ghana and said that the Philippines could be its potential gateway to the Association of Southeast Asian Nations (Asean) region.
“The Philippines and Ghana are both pursuing a greener and more sustainable future. The two countries capitalize on their geographical location, environmental policies, potential for green energy mix, and young and dynamic workforce needed in transitioning to becoming green economies,” she said.
Cagatan also emphasized that strengthening bilateral trade relations could be the Ghana’s “strategic access to key markets” as the Philippines has trade agreements such as Asean Free Trade Agreement (FTA), Philippines-Japan Economic Partnership Agreement, Philippine South-Korea FTA and the Regional Comprehensive Economic Partnership Agreement.
“Ghana and the Philippines also have diverse and vibrant agricultural sector … So, the Philippines can potentially be the Ghana’s gateway to Asean and to the Asia-Pacific region,” she said.
“The Philippines and Ghana have strong complementation in agribusiness, renewable energy, and information technology and business process management,” Cagatan added.
According to the Department of Trade and Industry-Export Marketing Bureau Assistant Director Jhino Ilano, Ghana is ranked at No. 115th as the country’s trading partner with 0.002 percent of the country’s total trade in 2022.
The Philippines’ total value of exports to Ghana is $4.165 million with the biggest product line being men’s or boy’s underpants and briefs, of cotton, knitted or crocheted totaling to $831,390. It is 19.96 percent of the country’s total exports to Ghana.
This was followed by activated carbon with a total of $785,400 — 18.86 percent — and cans that can closed by soldering or crimping, of a capacity of less than 50 liters made from iron steel at $654,887 or 15.72 percent of the total exports to Ghana.
Meanwhile, total imports from Ghana is $1.049 million with cacao pate totaling to $825,692, comprising 78.71 percent. This was followed by cacao powder at $143,008. It is 13.63 percent of the country’s total imports from Ghana.
The forum was organized by the Ghana Investment Promotion Center as part of its investment mission to Southeast Asia, aiming to showcase Ghana’s vast business potential and pursuing opportunities for bilateral trade and investments.