Exports from Ghana to Burkina Faso rose from $264 million in 2020 to $276 million in 2021.
Over the same time period, Burkina Faso was the source of $50 million in imports for the country.
Similar to this, the prediction made by the Export Potential Map based on supply and demand, market access restrictions, and ease of bilateral commerce revealed that the combined market value of the 51 top products exported from Ghana to Burkina Faso is 8.4 billion dollars.
According to Mr. Clement Osei-Amoako, President of the GNCCI, just 33% of this amount—or 2.8 billion dollars—was exported by Ghana.
Mr Osei-Amoako said this during the opening of a five-day Economic and Trade Promotion Days (JPEC) event in Accra.
The event was on the topic: “Strengthening Economic and Trade partnership between Burkina Faso and Ghana: Which synergies of actions in the current context of the implementation of African Continental Free Trade Area (AfCFTA).”
The event was in collaboration with the Ghana National Chamber of Commerce and Industry (GNCCI) and the Burkina Faso Chamber of Commerce and the Ministry of Industrial Development, Trade, Handicrafts and Small and Medium Enterprises of Burkina Faso and Burkina Faso Chamber of Commerce.
The collaboration in its 4th edition seeks to promote the economic, commercial, and cultural potentials, as well as strengthen cooperation between both countries.
He said this means that there was huge export potential for Ghana and Burkina Faso, which both countries needed to take advantage of.
He said the collaboration with these institutions was timely and assured the business confidence.
Mr Osei-Amoako said the agenda of the event included an exhibition of products, Business to Business meetings, and visits to partnered companies.
“Ultimately, it will create a harmonious integration that will elevate Ghana’s private sector to a competitive level and enable regional and international economic growth,” he added.
He said as the representative organ of the business community in Ghana, the Chamber was of the strong conviction that the business forum would serve as a unique platform for businessmen and women of the respective countries to interact, share ideas and establish business relationships.
The President expressed the hope that the business forum would further strengthen the strategic trade partnership between Ghana and Burkina Faso, bringing economic and social benefits by creating new opportunities for trade, investment, and employment.
Mr Mahamadi Savadogo, President of the Chamber of Commerce and Industry, Burkina Faso, called for continuous collaboration and work relentlessly to boost intra-African trade.
“That is why we are committed to supporting the organisation of the 4th JPECs in the wake of the previous editions in the Republic of Benin in 2015, Ivory Coast in 2017 and Senegal in 2019,” he added.
He expressed the hope that these events would serve as stepping stones toward dynamic and prosperous joint ventures likely to foster the industrial development of our two countries.
Mr Abdoulaye TALL, the Minister for Industrial Development, Trade, Handicrafts and Small and Medium Enterprises of Burkina Faso, said the forum was an opportunity to strengthen the excellent economic and trade relations with Ghana, as evidenced by trade statistics.
“In the sub-regional context marked with security challenges, the JPECs should also help consolidate integration and brotherhood between the two countries,” he said.
Mr Abdoulaye said Burkina Faso was eager to showcase to Ghana not only products made in the country but also the performances of its companies, which were distinguished by their resilience.
“We can assure you, investors from Ghana, that our country is steadily striving to create an environment conducive to investment,” he said.