The value of bilateral trade between Ghana and the European Union (EU) increased over 6.0 billion euros in 2022, surpassing the two previous years by more than two billion euros, an official has disclosed.
Irchad Razaaly, the EU Ambassador to Ghana, said this during the opening of the 6th Ghana Industrial Summit and Exhibition ongoing in the capital.
Razaaly attributed the improvements in the performance to the Economic Partnership Agreement (EPA) signed between the two partners in 2016 and the longstanding trade relations between Ghana and Europe.
“We have been witnessing a steep increase of in the trade between Ghana and the EU, even in spite of the economic crisis. So, as we speak now, we are reaching more than 6 .0 billion euros of total trade between Ghana and the European Union in 2022. It’s the highest figure,” said the ambassador.
Razaaly said, the figure was slightly lower in 2021, after recording 4.0 billion euros in 2020.
“With the increasing exports from Ghana, the trade imbalance is shrinking. And we are helping Ghanaian companies and individuals to better process and transform more of their products for export into the EU market because this will narrow the trade deficit further,” the ambassador stated.
According to the official, the EU has also been assisting Ghanaian farmers to grow more fruits and transform them. “So we are big when it comes to cassava, mango, and pineapple because it is not only about growing them, but about the transformation, the packaging, and more importantly to meet the international regulations.”
He said, meeting regulatory standards would help many Ghanaian companies to access the EU market more easily because the competition is keen, “So we are helping them to meet those regulations.
Razaaly said the support for young manufacturers was not an EU idea, but a priority area for the Ghanaian government, adding that the EU had also been helping the industries to secure financing as well, to boost their production and export competitiveness.
“Another area linked to trade and industry is funding. Access to funding is difficult, but we are ensuring access to funding for the development of the industries,” stated the ambassador.