Ghana’s trade with Canada is relatively small; as at 2015, imports from Ghana to Canada was about $ 25million, while Canadian exports to Ghana was valued above $250 million (a 10-fold advantage over Ghana). The priority of the Ghana Mission over the next 5 years is to narrow this gap by:
- Building a new partnership with Canada through support for financial mechanisms that will allow Ghanaian and Canadian partners to access direct support and guarantees for increased trade. Since 2015, Ghana’s Ministry of Finance has been engaging various Canadian partners, notably, the Export Development Corporation of Canada (EDC), and the Desjardin Development Bank (DID), to formulate a partnership strategy for supporting Ghana’s development and implementation of an EXIM Bank. Such a process is evolving through learning and exchange visits, sharing of systems analysis and best practices and the prospect of these interactions maturing into a lasting partnership of shared resources.
- Concluding and signing the Foreign Investment Promotion and Protection Agreement (FIPA) between Ghana and Canada. This will enable the expansion of trade and investment between Ghana and Canada.
- Working closely with Canada’s Trade Facilitation Office – an initiative that builds capacities of SMEs in Ghana and elsewhere to access the Canadian market
- Promoting strong linkages between Ghanaian and Canadian Chambers of Commerce
- Supporting Ghanaian-Canadian entrepreneurs, especially those permanently resident in Canada, to import more processed goods from Ghana; while exporting more Canadian technologies to establish manufacturing entities in Ghana.