Ghanaian-German Economic Association targets 1 billion euro trade share

The Ghana-German Economic Association has planned to penetrate the European market with more than 1billion Euros market share within the next few years, a move to flood the European market with Ghanaian products.

But this poses major challenge to the business community as the local business operators face funds and innovative skills to usher them into their new venture.

However, President of GGEA, Stephen Antwi says the association is poised to face the challenge as they are working in partnership with various stakeholders like the Trade Ministry, Ghana Investment Promotion Centre, Ghana Export Promotion Council, Association of Ghana Industries and the Association of German Chambers of Commerce.

According to Mr. Antwi, GGEA has succeeded in introducing the quality of goods from the Ghanaian market to Germany through Ghana Information Day, which is held annually in Germany to introduce Ghanaian products to the German and other European market.

Mr. Antwi was speaking at a press briefing after a three-day Ghana-German Economic Association-Show Case and Business Forum in Accra.

GGEA has 18 members from the banking sector, trade and industry, is an alliance of Ghanaian, German and international companies, entrepreneurs and institutions with business and commercial interests in the two countries which also acts as a bilateral chamber of commerce.

It also represents the entire spectrum of enterprises and institutions engaged in Ghanaian-German relations, ranging from small and medium sized companies to large German and multinational corporations.

The bilateral trade figures between Ghana and Germany in 2006 increased to 283.5 Mio. EUR, therein 158.3 Mio EUR for German exports to Ghana and 125.2 Mio EUR for Ghanaian exports to Germany.

Germany imports from Ghana are mostly Cocoa (55.6%), timber (13.4%), aluminium (16.5%) and tropical fruits (5.8%) whereas Ghana imports from Germany primarily vehicles (31.1%), machinery (21.1%) and chemical products (14.6%). 118 investments of German companies have been registered so far in Ghana

The Statesman : Business : Ghanaian-German Economic Association targets 1 billion euro trade share