Ghana's Trading Hub News

Ghana to become Petroleum distribution hub - Mahama

The Government is working around the clock to soon position Ghana as an oil and gas distribution hub, President John Dramani Mahama has announced.

He said the huge demand for oil and gas for development and industrialisation was growing by the day, therefore, stepping up expertise in that sector would provide Ghana the opportunity to become a net exporter of the products.

President Mahama, who announced this in a Ghana-Turkey business forum as part of Turkish President Recep Tuyyip Erdogan's two-day official visit to Ghana, said although Ghana was currently experiencing some deficits in power generations, plans were far afoot to step up production.

President Erdogan whose official visits would take him to Nigeria, the Ivory Coast and Guinea-Conakry, had earlier signed Memoranda of Understanding with his Ghanaian counterparts in the areas of investment, sports, communications, Energy and Natural Resources.

President Mahama said many businesses were relocating to Ghana because of stability and security, adding that such businesses would also have the opportunity to reach out to over 350 million people in West Africa on account of Ghana's position as the gateway to Africa.

"Ghana's advantage is the fact that she is a model of democracy and stability with adequate security for businesses," he explained.

He announced that Ghana had signed onto the West African common tariff agreement and was working round the clock to also ensure the free movement of goods and services in the coming days.

President Mahama gave the assurance that his administration would push for Parliamentary approval on the removal of double taxation on Ghana-Turkey trading commodities.

He said apart from trade, energy, sports and communications, the two countries would also consider opportunities in the areas of transportation and others that would leverage their per annum investments to about $1billion dollars by 2020.

Nana Appeagyei Dankwa, the Chairman of the Ghana National Chamber of Commerce, said his outfit and the Turkish Business Council had agreed to coordinate certain bilaterals that would improve trade, industry and commerce between the two countries.

He urged the governments of both countries to facilitate their activities by working out on workable tax elements that would encourage effective trade between the two countries.

The Middle-East country is located between South Eastern Europe and South Western Asia.

Turkey’s more than 79 million people consist mainly of Turks; with Kurds being in the minority; and other nationals. The population is predominantly of the Muslims faith.

The country operates a largely-free market economy driven by its industry, service and agricultural sectors.

Turkey has booming automotive, petrochemical, electronics and textile businesses, though traditional agriculture employs about 25 per cent of the population.

The World Fact Book of the Central Intelligence Agency (CIA) put Turkey’s 2015GDP purchasing parity at $9.576 trillion.

Turkey opened its Embassy in Accra in February 2010, following the commitment on both sides to deepen bilateral links.

Since then, according to the Ministry of Foreign Affairs, several agreements have been signed.

These include: a Framework Agreement on Military Cooperation, an Agreement on Cooperation in the Fields of Health and Medical Sciences, an Agreement on Bilateral Air Services, an Agreement on the Mutual Abolition of Visas for Holders of Diplomatic Passports, as well as a Memorandum of Understanding establishing a Political Consultation Mechanism between the Ministries of Foreign Affairs of the two countries have been signed.



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