French delegation explores investments, partnerships in Ghana

A French business and investment delegation is in the country to explore trade and investment opportunities and partnerships towards deepening the co-operation between Ghanaian and French businesses.

The visit by the delegation is a reciprocal one to one made by President John Mahama to Paris and Bordeaux in France, in October 2015.

The delegation is seeking to invest in, particularly, the oil and gas, energy and the manufacturing sectors, which are considered critical development areas of the economy.

Friendly relations 

At a business forum in Accra on Tuesday to formally welcome the delegation to the country, the Vice-President, Mr Kwesi Amissah-Arthur, said “you are visiting a country with economic opportunities and probably the best potential for investment in a liberal-based economy in a peace and stable environment.”

He talked about the strong historical ties between Ghana and France which started in the 20th century when French companies first arrived in the country to pursue commercial interests at the forum dubbed the Ghana-Bordeaux Forum.

On political relations, Mr Amissah-Arthur recalled the establishment of political relations between the two countries in 1958.

Trade statistics 

The Vice-President stated that Ghana had, in the past 15 years, witnessed a rapid increase in economic and commercial relations with France, adding that the trade balance favoured Ghana, making France the only advanced country with which Ghana had a positive trade balance.

He said bilateral trade exceeded $1.5 billion in 2013, with exports of $1.2 billion made up of mainly cocoa, fish and fruits and approximately $340 million worth of imports.

Mr Amissah-Arthur, however, added that trade with France declined in 2014, explaining that export earnings were in excess of $1 billion, while imports were $270 million.

“In 2015 there was a further decline in exports to about $650 million while imports were $268 million, almost halving the level of bilateral flows in two years,” the Vice-President said.

He said that the lower prices of primary commodities and global uncertainties were negating the work of French companies in Ghana, adding that while merchandise trade declined, there was slow but consistent growth in French equity investments which increased from $148 million in 2008 to $290 million in 2013.

French companies in Ghana

The Vice-President said 60 French companies were doing business in various sectors of the country, including banking, construction, finance, agriculture and transport.

He expressed the hope that the companies would continue to make progress, despite a hostile global environment and asserted that with Ghana, the government had developed an agenda to transform the economy by encouraging value addition.

Fench Ambassador

Responding to the Vice-President’s speech, the French Ambassador to Ghana, Mr Francois Pujolas, touted Ghana’s economic progress, saying that France had faith in the Ghanaian economy in view of the prudent manner in which the government handled the economic difficulties.

The envoy described the forum as an important step towards deepening bilateral trade between the two countries, and said France was on the side of Ghana in its effort to achieve economic prosperity, adding “France believes in Ghana’s democracy and future.”

The Chief Executive Officer of the Ghana Investment Promotion Centre, Mrs Mawuena Trebarh, who is hosting the delegation, also expressed the hope that the visit to the country by the delegation would yield positive results.