Friday, June 14, 2024

Indonesia and Ghana establish bilateral business and trade partnership, opening up profitable markets

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Indonesia has warmly embraced the prospects of business and trade partnerships with Ghana. Currently, Ghana is focusing on sustainable economic development and attracting global investments and partnerships, which are predicted to benefit both nations.

For Ghana, Indonesia represents an excellent opportunity for investment and promoting trade. Strong business and trade relations with Ghana are expected to have a positive impact on the bilateral relationship between the two countries.

“It is an honor for us to represent the Indonesian government to discuss investment, business, trade, and promotion with Ghana. Indonesia is a great place for investment. Our current economic growth is stable at 5.3%, and our inflation rate is below 3%. I am confident we can expand and enhance opportunities together,” expressed Jerry Sambuaga, Deputy Trade Minister, on October 9, 2023.

“We hope to seize the existing opportunities to strengthen bilateral trade cooperation and collaborate on prioritizing measures to accelerate collaborative partnerships for the optimal benefit of both countries,” added Jerry.

Sylvie Tomasoa, Chair of the Bilateral Committee for Africa and Economic Community of West African States (ECOWAS) KADIN, highlighted the need for the Indonesian government to take Ghanaian business and trade potential seriously.

Furthermore, she stressed the importance of changing the paradigm among Indonesian entrepreneurs regarding African countries to foster mutually beneficial synergies.

“The government, through relevant agencies, must support business and trade with Africa. Negative thinking about Africa should be eliminated. Indonesian entrepreneurs should recognize the excellent business potential in Africa, particularly Ghana. I am optimistic that this cooperation will lead to mutually beneficial collaboration,” said Sylvie.

She mentioned that the relationship between Indonesia and Africa has historical roots dating back to the 1955 Asia-Africa Conference. Currently, Africa is targeting business partnerships with Southeast Asian countries, especially Indonesia.

According to Sylvie, Indonesia holds a strategic economic and business position in Southeast Asia. Therefore, the Ghana Investment Promotion Centre (GIPC) will conduct promotional activities and business and investment cooperation.

Yofi Grant, CEO of GIPC, emphasized Africa’s strategic importance in the world, given its abundant reserves of essential minerals for the future. As a result, they are seeking new partnerships and transitioning from traditional partnerships.

“We are working on finding new business partners, and Indonesia is one of the potential partners we are targeting. With a population of around 1.4 billion people, Africa is a potential market, and that’s why Ghana serves as the gateway to doing business in Africa. Therefore, we will provide opportunities for investors to invest and engage in business relationships with us,” said Yofi.

He mentioned that by 2030, the population is expected to reach 1.7 billion, and by 2050, it will increase to around 2.6 billion. This number is equivalent to a quarter of the world’s population. This presents an advantageous opportunity for business relationships with Africa.

“So if you are a businessperson, investor, exporter, or producer, you can’t find a better place to do business than in Africa. Currently, 60% of Africa’s population is under 30 years of age. This is a potential market, and Ghana provides you with entry to the African continent for a larger, more dynamic, and more profitable market,” Yofi added.

According to the United Nations Environment Programme, Africa is rich in natural resources, including arable land, water, oil, natural gas, minerals, forests, and wildlife.

Meanwhile, Florence Buerki Akonor, Ghana’s Ambassador to Indonesia, stated that Ghana’s efforts in business and trade would not succeed without the support of friendly nations like Indonesia.

“The Republic of Ghana is committed to implementing policies that will reduce the cost of doing business with regulations, adequate financing, and logistics support to assist investors in building and expanding their businesses. I am confident that the Ghana Investment Promotion Centre will provide a deeper understanding of all aspects of doing business in Ghana,” said Akonor.

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