To bolster economic relations and foster Africa's economic renaissance, Ghana and Kenya have advanced their trade cooperation, aligning with the objectives of the African Continental Free Trade Area (AfCFTA) Agreement. This collaboration was spearheaded by Ghana's President Nana Addo Dankwa Akufo-Addo and warmly embraced by Kenyan President William Ruto during a state visit to Ghana.
At a ceremony in Accra, the two nations signed a series of Memoranda of Understanding (MoUs), marking a historic moment of commitment towards enhancing intra-African trade. The agreements, signed by pivotal institutions such as the Ghana Investment Promotion Centre, the Kenyan Investment Authority, the Association of Ghana Industries, and the Kenya Association of Manufacturers, among others, signify a unified effort to leverage Africa's rich financial resources and technological advancements for economic growth.
President Akufo-Addo emphasized the critical role of the business community in harnessing AfCFTA's potential to significantly increase intra-African trade and, consequently, pave the way for poverty eradication within the continent. He assured that African leaders are dedicated to creating an enabling environment for businesses to flourish, underscoring that economic growth is paramount for the continent's future prosperity.
Trade data analysis by the Observatory of Economic Complexity (OEC) reveals a promising increase in trade volumes between the two nations, with Ghana exporting goods worth US$5.46 million to Kenya in 2022, including coconut oil, cocoa powder, and various plant products. Conversely, Kenya's exports to Ghana, valued at US$9.53 million, included vegetable fibers, tea, and aluminium plating.
President Ruto highlighted the significance of the partnership, noting the stable political climates of both nations as a foundation for shared economic progress. He pointed to Africa's abundant resources, youthful population, and available land as key ingredients for transforming the continent into an economic powerhouse, given the right policies and initiatives.
