Ghana – China trade reaches a historic high of $10.2 billion, solidifying China’s position as Ghana’s leading source of foreign investment. Ghana and China are celebrating a significant milestone in their economic relationship, with bilateral trade reaching a record $10.2 billion last year. Ambassador Lu Kun, the Chinese Ambassador to Ghana, made this announcement during a reception commemorating the 74th Anniversary of the founding of the People’s Republic of China.
China’s 74th Anniversary Celebration
This remarkable trade volume indicates a 60 percent surge in Ghana’s exports to China, solidifying China’s position as Ghana’s largest partner and a major source of foreign investment. The event, hosted by Ambassador Lu at his official residence in Accra, attracted high-profile dignitaries, including Ghana’s Second Lady, Mrs. Samira Bawumia, Finance Minister Mr. Ken Ofori-Atta, Minister for Works and Housing Mr. Francis Asenso-Boakye, members of the Diplomatic Corps, the Chinese business community, and Ghanaian residents.
Ghana – China Trade
In 2021, the bilateral trade volume stood at $9.57 billion. China’s imports from Ghana include mineral fuels, oils, distillation products, ore slags and ash, wood and articles of wood, cocoa and cocoa preparations, copper, and aluminum. Meanwhile, Ghana’s major imports from China comprise machinery, iron and steel, electrical and electronic materials.
This year marks the 63rd anniversary of diplomatic ties between China and Ghana, a friendship deeply rooted in history. Ambassador Lu highlighted the enduring support and solidarity shared between the two nations, emphasizing their commitment to safeguarding shared interests, both bilaterally and on the global stage.
In recent years, China has made significant investments in various Ghanaian sectors, including energy (Sunon Asogli Power), transportation (African World Airlines), and manufacturing (steel, ceramic, and cement factories). These investments have not only created job opportunities but also contributed to Ghana’s industrialization.
Ambassador Lu stressed the importance of people-to-people exchanges in China-Ghana cooperation. Projects like vocational institution upgrades and Luban Agriculture Workshops provide valuable skills training for locals. Additionally, the presence of Confucius Institutes in Ghana and over 6,500 Ghanaian students studying in China exemplifies the depth of educational and cultural ties.
Call For Continued Cooperation
Looking forward, Ambassador Lu expressed the fruitfulness of China-Ghana cooperation in 2022, highlighting developments in diplomacy, economics, and humanitarian efforts. He also called for continued cooperation to overcome regional and international challenges, emphasizing that the strong China-Ghana relationship will bring prosperity to both nations.
Mr. Francis Asenso-Boakye, who represented the President of Ghana, commended China for its steadfast partnership in Ghana’s socio-economic development. He acknowledged China’s support in various sectors, including education, health, infrastructure, defense, agriculture, communication, and fisheries. While trade between the two nations remains robust, the Minister stressed the need for balanced trade and investment, urging exploration of new avenues for economic cooperation to further strengthen their commercial partnership.
