The country’s Deputy Minister of Trade and Industry, Michael Okyere-Baafi, emphasized the importance of establishing cooperation in the area of trade and investment between it and other countries.
He spoke about this need in the 3rd Malta-Ghana Business Forum which was held in Accra on Tuesday.
There, he underlined the urgency to attract more Foreign Direct Investments (FDIs) into Ghana in order to elevate the number of businesses in the country, effectively creating the much needed employment opportunities and domestic revenue the country is lacking through tax remittance.
The forum was put together through the collaborative effort of Malta’s government, and numerous Ghanaian organizations, including, Ghana Investment Promotion Centre (GIPC), Ghana Export Promotion Authority (GEPA), Association of Ghana Industries (AGI), National Chamber of Commerce & Industry (GNCCI), Ghana Free Zones Authority (GFZA) and the European Chamber of Commerce in Ghana.
Both the Ghanaian representatives and Malta representatives came together to generate ideas on how they can strengthen their economic relationship.
The deputy minister noted that despite both countries’ decades- long diplomatic partnership, they have yet to maximize the full potential of their trade relationship, with a cumulative trade volume of over $318 million and a balance of trade of $94.6 million in favor of Malta, recorded from 2010 to 2019.
“Indeed, Malta is currently one of Ghana’s strategic bilateral partners. Ghana is also increasingly becoming home to several Maltese businesses in West Africa,” he said.
“The government of Ghana will continue to work closely with the Republic of Malta through high-level political and business fora to promote trade and investment between our countries”, the deputy added.
Currently, more than 20 Maltese companies are in Ghana to explore investment opportunities available in the various sectors of the economy and form partnerships with their Ghanaian counterparts, on a week long trade mission.