Ghana, S.A High Commissioner emphasise special relationship

At a recent business seminar organized by the Halting Growth and Development Agency, CNBC Africa's Wole Famurewa had the opportunity to sit down with Lulu Xingwana, South Africa's High Commissioner to Ghana, to discuss the thriving business relations between the two countries. The special bond between Ghana and South Africa has a rich historical foundation, dating back to the fight against apartheid and colonialism. This relationship was further solidified when diplomatic relations were established post-apartheid in 1994. The years that followed saw the signing of various agreements and Memoranda of Understanding (MOUs) between the two nations, laying the groundwork for enhanced cooperation in areas such as trade, energy, and investment. However, recent years have not been without their challenges for Ghana, with issues like an energy crisis and a significant drop in commodity prices weighing down the economy. As a result, the cost of doing business in Ghana rose, making it less attractive for investors. Nonetheless, the current Ghanaian government has shown a renewed commitment to fostering a business-friendly environment. Efforts are being made to reduce tariffs, streamline taxes, and create a more conducive atmosphere for investment. The recent engagement between Gauteng and Ghana holds promise for both economies. South Africa's Gauteng province is a key economic hub with expertise in sectors like manufacturing, agriculture, and mining, while Ghana offers abundant opportunities for growth and development. The partnership aims to leverage the strengths of both regions to drive economic growth and revitalize the Ghanaian economy. With promises of strategic initiatives in the upcoming budget, including plans to build factories and infrastructure across the country, Ghana is positioning itself as an attractive destination for investors and businesses alike. Looking ahead, further engagements between Gauteng and Ghana are on the horizon. In the coming months, the Premier of Gauteng will lead a delegation to Ghana, comprising of business leaders and government representatives. This visit is expected to pave the way for increased investment flows from South Africa into Ghana, particularly in key sectors like manufacturing and mining. The Industrial Development Corporation (IDC), renowned for its vast resources and experience in investment, is set to play a pivotal role in driving these initiatives. The collaboration between Gauteng and Ghana holds great promise for economic growth and development in both regions. By leveraging each other's strengths and resources, the two countries are poised to unlock new opportunities and drive sustainable development.