Ghanaian President Nana Akufo-Addo, on a working visit to South Africa on 12 March 2024, met South African President Cyril Ramaphosa. The aim of their meeting was to define the contours of their bilateral cooperation in order to strengthen trade links between the two countries under the banner of the African Continental Free Trade Area (AfCFTA). These exchanges follow an agreement reached in 2020 in Accra, where the two presidents agreed to set up a bi-national commission to strengthen their relations.
Ghana and South Africa have formalised their commitment to enhancing trade and investment between the two nations on 12 March 2024, marking a significant step toward economic cooperation and development within the African continent. The discussions, which took place at the Union Buildings in Pretoria, focused on the need to implement bilateral agreements in the fields of health, energy, transport, minerals and technology, as well as agro-processing, setting a precedent for African nations in the pursuit of sustainable economic growth.
“We have identified a pipeline of bankable infrastructure development infrastructure in Ghana which our development financing institutions are ready to finance. Now these projects cover rail networks, airports, roads, ports and many others. Now the decline in total trade between our two countries should be a reason for concern.We should cease the opportunity presented by the African continental free trade area to substantially expand trade between Ghana and South Africa. ”
Cyril Ramaphosa, President of the Republic – South Africa
With Ghana’s exports to South Africa hitting $546 million and imports at $413 million in 2023, there’s a clear indication of the growing influence and mutual benefits of strengthening trade ties. President Nana Addo Dankwa Akufo-Addo has also emphasised Ghana’s commitment to creating a safe and secure environment for investments, underscoring the nation’s role in implementing the AfCFTA agreement.
“We have identified new areas of cooperation where our countries can leverage their respective strength to drive innovation and economic development and sustainable growth. By continuously working together we can unlock new opportunities that benefit our citizens.”
Nana Akufo Ado, President of the Republic – Ghana
According to the United Nations Economic Commission for Africa, intra-African trade is expected to increase by 52.3% under the treaty, and to double after the removal of non-tariff barriers. In 2022, South Africa exported $417 million to Ghana. The main products exported by South Africa to Ghana were nitrogen fertilisers.
