Finance Minister Dr. Cassiel Ato Forson has called for a major change in the way Ghana trades with China, saying the country must move beyond exporting raw materials and focus more on processing and manufacturing locally.
Dr. Forson said China had become Ghana’s largest trading partner, but the country was not getting enough value from the relationship because too many exports remained in their raw form.
He made the call at the opening of the Fifth Session of the Ghana–China Joint Commission on Economic, Trade and Technical Cooperation.
China is now Ghana’s largest trading partner, but the structure must improve,” the Finance Minister said.
He said Ghana wanted to increase the amount of cocoa and other raw materials processed locally before they were exported to China and other international markets.
According to Dr. Forson, Ghana’s goal is to attract Chinese investment into factories, processing plants and other businesses that can create jobs and build local skills.
We seek investments that build processing plants and manufacturing lines, transfer technology, procure from Ghanaian businesses, train our people and create sustainable jobs,” he said.
Focus on jobs and local businesses
The Finance Minister said stronger economic ties with China should not be measured only by the value of goods traded between the two countries.
He said Ghana wanted Chinese investments to support local businesses, create jobs and help build the country’s industrial base.
Greater local processing, he added, would allow Ghana to earn more from its natural resources instead of exporting raw materials and importing finished products at higher prices.
The government is therefore seeking more investments in manufacturing, agro-processing, technology and other productive sectors that can increase domestic production and reduce the country’s dependence on imported finished goods.
China promises stronger partnership
China’s Assistant Minister for Commerce, Zhang Li, who is visiting Ghana for the first time, welcomed the government’s efforts to strengthen the economy.
He reaffirmed China’s commitment to expanding economic and trade cooperation with Ghana.
Zhang also expressed China’s readiness to support the government’s Big Push Programme, which is aimed at accelerating infrastructure development, investment and economic growth.
The discussions between the two countries are expected to focus on expanding trade and investment while identifying new areas of cooperation.
For Ghana, the key issue will be ensuring that increased Chinese investment leads to more local production, technology transfer, skills development and jobs rather than simply increasing the volume of imports and exports.
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