Ghana has achieved a major milestone in its economic relations with China, securing a zero percent tariff on 100% of goods exported from Ghana to the world’s second-largest economy. This landmark agreement was announced by Ghana’s Minister of Foreign Affairs, Samuel Okudzeto Ablakwa, via his official X (formerly Twitter) account.
The removal of tariffs is expected to significantly increase trade volumes between the two nations, catalyze job creation, and nurture a new generation of Ghanaian entrepreneurs benefiting from improved access to the Chinese market. China, already Ghana’s leading trading partner, recorded bilateral trade exceeding US$11 billion in 2024.
Beyond tariff elimination, the discussions have paved the way for strategic industrial collaborations aligned with President John Dramani Mahama’s national transformation agenda. Among the key projects is the industrial exploitation of Ghana’s bauxite reserves, which are estimated at over 900 million tonnes. Plans include developing an integrated aluminium sector supported by modern rail infrastructure to facilitate efficient logistics, transitioning Ghana’s economy from raw material exports to value-added production.
Moreover, Ghana and China have agreed to jointly establish an electric vehicle manufacturing plant in Ghana. This initiative leverages Ghana’s significant lithium deposits, crucial for the green energy revolution, positioning the country as a regional hub for sustainable, high-tech manufacturing.
To solidify these collaborations, the two nations are set to sign a comprehensive Economic Partnership Agreement that will formalize their cooperation across various sectors, fostering sustained economic growth and industrialization.
Minister Ablakwa underscored the administration’s commitment to harnessing international diplomacy to accelerate Ghana’s development. “President Mahama’s administration is firmly committed to leveraging diplomacy for the transformation of our dear country,” he said, highlighting the strategic importance of these agreements in Ghana’s path to economic modernization.
Source:NKONKONSA.com
