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SA, Ghana encourage business to take up opportunities

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President Cyril Ramaphosa says he and his Ghanaian counterpart, Nana Akufo-Addo, will encourage businesses to take up opportunities that exist in both countries.

Ramaphosa was speaking during a media briefing, as he commences bilateral talks with Akufo-Addo at the Union Buildings in Pretoria.

The visit is expected to provide an opportunity for both leaders to further strengthen bilateral relations in key areas of economic, cultural and scientific co-operation.

Ramaphosa says there’s an increase in the number of South African companies that are operating in Ghana.

“We are determined to forge a strategic partnership between our two countries and this is informed by the historical ties between our two nations. We also decided that we are going to elevate the joint cooperation system that we have between the two nations to a bilateral commission which will be headed by the two presidents to ensure that the agreements are fully implemented.”

Both nations established formal diplomatic relations in May 1994.

Trade between the two grew extensively with the establishment of bilateral relations, following the end of apartheid in 1994 and Ghana’s first democratic elections in 1992.

South Africa is the 14th-largest foreign direct investor in Ghana with more than 80 South African multinational and small scale companies registered there.

Earlier this year, 20 South African companies showcased their products at the International Trade Fair in Accra.
This was to increase exports of South African goods to Ghana.

The country is one of South Africa’s key strategic partners for West Africa and important for advancing integration on the continent.

The expansion of South African business to Ghana this year has contributed more than R71 billion in capital investments.

Exports also grew by 22% in 2014, making Ghana one of South Africa’s top 10 export markets. It’s now South Africa’s sixth import partner on the continent compared to being 23rd in 2011.

In May 2007, the two countries established a Permanent Joint Commission for Cooperation. It was signed by former Foreign Affairs Minister Nkosazana Dlamini-Zuma.

From 2017, South Africa’s investment in Ghana was estimated at R64-billion.

Last year Ghana celebrated 60 years of independence, and over two decades of stable democracy. While South Africa will celebrate 25 years of democracy in 2019.

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