Trade and investment MoUs to open Ghanaian market for Kenyan investors
President William Ruto (left) and President Nana Akufo-Addo (center) of Ghana at the Ghana-Kenya Business Forum in Accra.
What you need to know:
- Kenya to gain from its competitive advantage in textiles and pharmaceuticals sectors.
- The Kenyan delegation at the forum had representation from diverse sectors.
Kenya and Ghana have signed three Memoranda of Understanding (MoUs), that will enhance trade and investment between the two countries.
The MoUs were signed during the Ghana-Kenya Business Forum.
President William Ruto, who is on a three-day state visit to Ghana, attended the forum accompanied by President Nana Akufo-Addo of Ghana.
Also present was the Cabinet Secretary for Trade and Investment Rebecca Miano, her Ghanaian counterpart, captains of industry and members of the business community.
The three frameworks include an MoU on Investment Promotion and Facilitation between Kenya Investment Authority (KenInvest) and Ghana Investment Promotion Center (GIPC).
Access to Ecowas market
The MoU focuses on investment promotion, business facilitation, capacity building and mutual investments.
Also signed was an MoU between Kenya National Chamber of Commerce and Industry (KNCCI) and the National Chamber of Commerce and Industry (GNCCI), which aims at enhancing private sector engagement to boost intra-African trade.
The third MoU was between the Kenya Association of Manufacturers (KAM) and the Association of Ghana Industries. It focuses on strengthening strategic alliances and business ties between the two nations.
Ms Miano said while Kenya would offer Ghana access to East Africa, Ghana would give Kenyan businesses access to the Economic Community of West African States (Ecowas) market.
Investment opportunities
“Our perspective on mutual trade and investment opportunities, along with our support for industry players, will enable us to realise the growth we desire. Kenya is a hub and a gateway into East Africa while Ghana is a hub and getaway into Ecowas. Our partnership will enable hub-to-hub cooperation driving intra-African trade,” she said.
The CS added that the blending of government agencies and private sector entities reflects Kenya's inclusive approach, ensuring that no one is left behind.
Kenya hopes to gain from its competitive advantage in textiles, pharmaceuticals, electrical appliances, and furniture sectors.
The Kenyan delegation at the forum had representation from KAM, Kenya Private Sector Alliance (Kepsa), KNCCI as well as 25 private sector delegates drawn from diverse sectors.
