Home Business Trade with China hits all-time record

Trade with China hits all-time record

More importantly, Ghana’s exports to China increased by 60 percent last year, the Chinese Ambassador to Ghana, Lu Kun, has said.

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Trade between Ghana and China reached an all-time record of US$10.2billion in 2022 from US$6.67billion in 2017.

More importantly, Ghana’s exports to China increased by 60 percent last year, the Chinese Ambassador to Ghana, Lu Kun, has said.

The ambassador disclosed this at the celebration of the People’s Republic of China’s 74th anniversary in Accra, saying cooperation and partnerships between China and Ghana are delivering tangible benefits for both parties.

“Since this year, China-Ghana cooperation has yielded fruitful results, delivering tangible benefits to the Ghanaian people. In March, construction began on a China-aided annexe building for the foreign affairs ministry in Accra. In May, China joined the official creditor committee for Ghana as co-chair and helped Ghana secure the IMF US$3billion deal in record time.”

“In June, construction began on a China-aided military building. In July, the 43rd fleet of the Chinese People’s Liberation Army Navy visited Ghana. The Embassy donated relief items to flood victims in the Volta Region and a Chinese medical team in Ghana provided free clinical services. In August, the China Visa Application Centre in Accra officially opened. Therefore, China will remain Ghana’s largest trading partner and major foreign investments source for years to come,” he stated.

Finance minister Ken Ofori-Atta, serving as guest speaker at the event, praised China for its continuous contributions to Ghana’s socio-economic development.

“Let me indeed extend our sincerest appreciation to China for the strong show of support demonstrated in helping Ghana secure the US$3billion extended credit facility from the International Monetary Fund,” he stated.

With China serving as Ghana’s largest trading partner and the primary source of recent foreign direct investments, Mr. Ofori-Atta affirmed that the Ghanaian government will persist in establishing a conducive environment to support operations of Chinese companies in the country, and intends to attract further investments from China.

While acknowledging the impressive trade relationship between both nations, the finance minister emphasised the importance of achieving a balanced trade and investment partnership between the two countries.

In this vein, he has urged the exploration of new economic avenues to facilitate continued growth and enhancement of the commercial partnership between the two countries.

“We believe that by fostering a win-win cooperation with the People’s Republic of China, Ghana will have a greater chance of realising its developmental objectives,” he stated.

As of June 2023, China’s exports to Ghana totalled US$747million while its imports from Ghana amounted to US$183millio – resulting in a positive trade balance of US$563million for the Asian giant, as reported by the Observatory of Economic Complexity (OEC) – the foremost tool for visualising international trade data.

China’s primary exports to Ghana as of June 2023 included coated flat-rolled iron (US$32.4million), Pesticides (US$29.5million), rubber footwear (US$17.6million), large construction vehicles (US$15.4million) and motorcycles and bicycles (US$14.8million).

Conversely, China’s top imports from Ghana during the same period were dominated by crude petroleum (US$159million), manganese ore (US$49.7million), sawn wood (US$1.44million), cocoa paste (US$1.16million) and rough wood (US$1.09million).

However, China’s exports saw a decrease of US$158million (-17.5percent), declining from US$905million to US$747million between June 2022 and June 2023 according to the OEC data. Imports also experienced a decrease of US$123 million (-40.2percent), dropping from US$307million to US$183million during the same period.

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