Canada/Ghana business relations: CanCham wants Mahama to strengthen ties
THE Canada Ghana Chamber of Commerce (CANCHAM) says the chamber looks forward to working with the incoming government to be headed by John Dramani Mahama, to strengthen business and economic ties between Ghana and Canada.
“We congratulate John Dramani Mahama on his successful presidential election, and we look forward to working with him to strengthen ties between our two nations,”
President of the chamber, Linda Vasnani, told the Graphic Business in an interview on what the chamber expects of the incoming President.
By way of trade relations, in 2023, two-way merchandise trade between Canada and Ghana reached over $380 million.
Canadian exports totalled $281 million while imports from Ghana reached $99.8 million.
The main Canadian exports included cereals, motor vehicles and parts, consumer goods and machinery.
Canada imported from Cocoa and cocoa preparations worth $44.97 million in 2023, rubbers at $7.40 million; edible vegetables and certain roots and tubers worth $5.27 million; and animal, vegetable fats and oils, cleavage products worth $3.79M.
Expectations
Mrs Vasnani said the chamber expected the new president to promote transparency and accountability by combating corruption and adopting good governance principles.
According to her, “By doing so, the country will become a more appealing destination for foreign investment. Additionally, the government's role should be limited to regulation and oversight, rather than direct involvement in private sector activities.”
She also stressed the need for the new administration to empower Ghanaian businesses to thrive by reducing taxes, managing inflation and creating an enabling environment that promotes growth and competitiveness.
“Additionally, supporting local companies in adding value to their products can significantly boost exports and position Ghanaian businesses for success in the international market,” she added.
Mrs Vasnani further stressed the need for government to incentivise banks to lower their interest rates and offer specialised project financing services to stimulate business development.
She said continuity was key, adding that “It's frustrating when a change in government leads to the abandonment of projects that were already underway and showing promise.
It's essential for new governments to continue viable projects initiated by previous administrations, prioritising the country's interests over political considerations.
The CANCHAM President stressed the need to develop a Free Trade Zone to attract foreign direct investment and position Ghana as the premier gateway to West Africa.
Mrs Vasnani also stressed the need for the new administration to streamline bureaucratic processes and reduce port fees to improve Ghana's cost of doing business index and foster a more competitive economy.
Appointments
With regard to appointments, she advised the incoming Mamaha administration to communicate government’s expectations clearly to his appointees.
“When appointing new ministers of state and heads of institutions, the President should clearly communicate the government's expectations and ensure those expectations are not only met but exceeded.”
To achieve this, a rigorous evaluation system should be put in place to measure performance and hold ministers accountable,” she said.
Providing further clarity, she said: “In essence, the President should set clear expectations, that is, clearly define the government's objectives and goals for each minister; establish a performance evaluation system; develop a robust framework to assess ministers' progress and performance.”
She also stressed the need for government to hold ministers accountable; that is to “Ensure that ministers are held responsible for meeting or exceeding expectations. Provide ongoing support and guidance: Offer regular feedback and support to help ministers achieve their goals.”