Ecobank to boost China-Africa trade
Ecobank Ghana plans to boost trade between it and China beyond the $10 billion recorded last year.
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Ecobank Ghana’s parent company, Lome, Togo-based Ecobank Transnational, entered into an alliance with Bank of China over a decade ago to boost the flow of money and trade between China and Africa.
The acting Managing Director of Ecobank, Joana Mensah, speaking at an Ecobank China Trade Forum in Accra last Thursday said Ecobank’s track record and performances should provide assurances about its ability to be the go-to facilitator of Sino-Ghana trade.
She said the bank was well positioned to deepen trade between Ghana and China beyond the $10 billion recorded in 2022.
The acting MD said the bank’s reach, product offerings and establishment of a dedicated China Desk in 2011 was a major factor in quadrupling the trade value between both countries from $2.5 billion a decade ago to $10 billion in 2022.
She pointed to the bank’s presence across 35 African countries, as well as a banking licence in Paris and international offices in London, Dubai and Beijing as a major success story.
“The Ecobank China Desk was born out of a collaboration with the Bank of China and marked a pioneering endeavour.
Since its inception, the desk has been strategically positioned to provide substantial business support to facilitate trade for Chinese enterprises in Ghana and across the continent by surmounting the challenges of language and cultural barriers, and the results are there to see,”
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Forum
The forum brought together stakeholders from the fast-moving consumer goods (FMCG) segment and real estate and heavy industry and Chinese business leaders in the country.
“Our record speaks for itself; and with this, we can offer reassurance to our clients that we can meet their trade financing needs,” the acting MD said.
The President of the Ghana Association of Chinese Societies and Ghana Chinese Chamber of Commerce and Industry, Tang Hong, said Ecobank provided an ideal platform for a mutually beneficial partnership.
“We can see how quickly technology has opened the door and is connecting people from remote communities and transforming businesses.
Innovative technologies have provided new opportunities for women, vulnerable groups and young people,” Mr Hong said.
“The Chinese business committee is ready to lead the quest to unlock new paths for economic growth, foster innovation and prepare Ghana towards a future defined by prosperity and inclusivity in a spirit of mutual benefit. Chinese businesses in Ghana will serve as the catalyst for deeper partnerships between the two countries,” he added.
Over the last two decades, China-Africa trade reached a record $254 billion in 2021.
However, although $148 billion worth of Chinese goods were exported to Africa that year, China’s imports from the region stood at 71 per cent (US$106 billion) – most of which were raw materials.