The Trinidadian Trade Mission, led by Trade Minister Paula Gopee-Scoon, is in Ghana to explore and determine business opportunities within the Ghanaian market for Trinidad and Tobago companies, as well as to source possible raw materials and finished products for local producers in their country.
During a courtesy call on Ghana’s Minister of Trade and Industry, Kobina Tahir Hammond, yesterday in Accra, Mrs Paula Gopee-Scoon said that the visit aimed to identify potential investment opportunities in the Ghanaian markets and establish strategic business and logistical contacts such as distributors, market agents, and companies.
She emphasised that this approach would increase awareness of Ghana’s business contacts to Trinidad and Tobago’s manufactured products.
Trade balance
She also noted that between 2018 and 2022, Trinidad and Tobago had maintained a positive trade balance with Ghana. During this period, Trinidad and Tobago averaged $15.2 million in exports to Ghana and TT$0.6 million in imports annually.
In 2022, Trinidad and Tobago’s trade balance with Ghana increased by 24.7 percent, moving from a surplus of TT$23.6 million in 2018 to a surplus of TT$29.5 million in 2022.
Regarding specific trade items, she highlighted that her country’s top exports to Ghana in 2022 included liquefied butanes, mechanical appliances, petroleum oils, gaskets, and pipes. Trinidad and Tobago’s top imports from Ghana for 2022 mainly comprised non-energy products such as cocoa butter, clothing, makeup, soap, and cassava farine.
She expressed keen interest in building on Trinidad and Tobago’s trade complementarities with Ghana, as well as exploring opportunities to export the national instrument, the steelpan, and niche products such as locally produced alcoholic and non-alcoholic beverages and chocolates.
Impactful visit
For his part, Mr Hammond indicated that the visit holds promise for both countries, particularly in light of Trinidad and Tobago’s developed economy driven by significant discoveries of natural resources such as petroleum, oil and gas.
“I think they have the capacity to look outside of their locality, thus the Caribbean, and step outside and take advantage of the particular interest in countries in terms of partnership,” the Minister stated.
The Trade Minister emphasised the positive impact of the visit, highlighting the signing of a Memorandum of Understanding (MoU) between the Trinidad and Tobago Manufacturers’ Association (TTMA) and the Association of Ghana Industries (AGI).
He also expressed optimism about the
potential collaborations, and hoped for fruitful outcomes.
Areas of collaboration
Regarding areas of collaboration, KT Hammond highlighted the ten-point agenda for industrial transformation and key areas for collaboration, including One-District One Factory initiatives, especially focusing on food processing, beverages, paper and paper products.
He cited the development of strategic anchor industries, including vehicle assembly, manufacturing of vehicle parts and machinery, pharmaceuticals, petrochemicals, textiles and garments, integrated aluminum industry, iron and steel, and industrial chemicals.
He mentioned SME development through joint ventures, partnerships, and technical support. He also cited development of industrial parks and Special Economic Zones (SEZ).
The Trade Minister further cited export diversification and market access opportunities, where Ghana could serve as a strategic entry point for Trinidad and Tobago’s investments in the sub-region.
This, he indicated, would help Trinidad to take advantage of Ghana’s market access opportunities under trade agreements such as the Ghana-EU Interim Economic Partnership Agreement (EPA), ECOWAS Trade Liberalization Scheme (ETLS), Ghana-UK Trade Partnership Agreement, Africa Growth and Opportunity Act (AGOA), and African Continental Free Trade Area (AfCFTA).
In addition to these areas, Mr Hammond proposed the establishment of a Joint Business Council as a platform to address current and potential opportunities between the two countries, facilitating investments and trade.
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