Ghana’s trade with the European Union (EU) showed promising trends in 2023, with exports to the EU rising by 8% to reach 2.6 billion euros, up from 2.4 billion euros the previous year.
The data from the Ministry of Trade and Industry indicates that in 2023, exports worth 200 million euros were recorded.
Meanwhile, imports from the EU to Ghana decreased from 3.7 billion euros in 2022 to 3.3 billion euros in 2023, reflecting an 11% decline.
The Ministry of Trade and Industry reported that the total trade volume between Ghana and the EU amounted to 6 billion cedis in 2023, underscoring the significant economic partnership between the two regions.
Speaking at the 2nd Ghana-EU Business Forum, Minister for Trade and Industry, KT Hammond, highlighted Ghana’s increasing export figures and assured investors of Ghana’s status as a favorable destination for investment.
“The 2023 export figures from Ghana saw an 8% increase, reaching 2.6 billion euros, while imports from the EU declined by 11% from 3.7 billion euros to 3.3 billion euros,” Minister KT Hammond noted during the forum.
The forum, themed “Fostering Investment in Non-Traditional Chains Under EU Global Gateways Strategy,” aimed to bolster trade and investment relations between Ghana and the EU.
It served as a platform for discussions on enhancing economic cooperation, particularly in non-traditional sectors aligned with the EU’s global strategy.
Deputy Director-General of the European Commission, Directorate-General for International Partnerships, Myriam Ferran, reiterated the EU’s commitment to advancing sustainable development goals through strengthened trade and investment ties with Ghana.
“This strategy underscores the EU’s commitment to collaborating with like-minded partners to build sustainable infrastructure and connectivity worldwide,” stated Myriam Ferran, emphasizing the EU’s role in fostering sustainable bonds through robust partnerships.
In a significant move, the European Union launched a 32 million Euros Special Measure on Manufacturing and Access to Vaccines, Medicines, and Health Technologies in Africa (MAV+) during the forum.
This initiative aims to bolster vaccine manufacturing and pharmaceutical industry development in Ghana, reflecting the EU’s proactive stance in supporting health infrastructure in Africa amidst global challenges.