Ghana, Morocco economic relation strengthened - Ambassador Oquaye Jnr

Ghana, Morocco economic relation strengthened – Ambassador Oquaye Jnr

The Chief Executive Officer (CEO) of Ghana Free Zones Authority (GFZA), Michael Oquaye Jnr, has disclosed that Ghana and Morocco have in recent years scaled up their economic relations to enhance trade and development for mutual benefit.

In 2017, he said, the GFZA signed a Memorandum of Understanding (MoU) with Tangier Med Special Agency to promote technical cooperation between both parties as well as explore the best management of Special Economic Zones.

The Authority, Ambassador Oquaye Jnr noted, had made efforts to attract Moroccan investment into Ghana, and encouraged Moroccan businesses to take advantage of Ghana’s unique locational advantage to access the West African Sub-regional Market.

“As a result of the existing relationship between the two nations, I paid a courtesy/business call on Her Excellency Imane Ouaadil to discuss areas where the two countries can develop their cooperation in terms of trade and investment,” he said.

According to him, the current level of trade remains low, and there is the need to enhance trade relations between the two nations, in tandem with the production and export agenda of the Africa Continental Free Trade Area (AfCFTA).

He assured Imane Ouaadil, Morocco’s Ambassador to Ghana, of GFZA’s willingness to provide the necessary assistance to potential Moroccan investors who express interest in locating in Ghana’s Free Economic Zones. He stressed that it is export-oriented and designed such that investors can locate anywhere in Ghana since the country is accessible for Free Zones investments as well as future exports, per AfCFTA protocols.

Export facts

In a related development, Ambassador Oquaye Jr last Friday revealed some interesting export facts about Ghana.

“Seasoning powder features strongly as a dominant emerging export commodity with GH₵37 million exported in 2020 as against GH₵ 20 million in 2019 and GH₵15 million in 2018,” he disclosed.

He noted that Switzerland leads Ghana’s top five export destinations at the end of 2020 with an 18.6 percent share of exports, followed by South Africa with 14 percent, United Arab Emirates (UAE) 9.6 percent, Burkina Faso 8.14 percent and India 7.76 percent.

“Ghana’s top export commodities for the period include Gold, Cocoa & Cocoa Products, Petrol and Petroleum Products, Plastics, and Cashew,” he posted on social media.

He pointed out that the GFZA is poised to contribute more to Ghana’s total exports value, and urged businesses to take advantage of Ghana’s export support incentives and reliefs.