Ghana’s exports to the European Union (EU) saw a notable increase of 8 per cent in 2023, rising to 2.6 billion euros from 2.4 billion euros the previous year. Conversely, imports from the EU to Ghana fell from 3.7 billion euros in 2022 to 3.3 billion euros in 2023.

According to the Ministry of Trade and Industry, the total trade volume between Ghana and the EU reached 6 billion euros in 2023.

Speaking at the 2nd Ghana-EU Business Forum, Minister for Trade and Industry KT Hammond reassured investors of Ghana’s favourable investment climate.

“2023 export from Ghana saw an 8 per cent increase, rising from some 2.4 billion euros to 2.6 billion euros, while import from the opposite direction experienced, unfortunately, some 11 per cent decline, 3.7 billion euros to 3.3 billion euros,” the Minister of Trade stated.

The forum, themed “Fostering Investment in Non-Traditional Chains Under EU Global Gateways Strategy,” aimed to strengthen trade and investment ties between Ghana and the EU.

Deputy Director-General of the European Commission, Directorate-General for International Partnerships, Myriam Ferran, highlighted the EU’s dedication to bolstering trade and investment relations to meet the Sustainable Development Goals (SDGs).

“This strategy is definitely the strategy of the European Union to engage with like-minded partners in building sustainable infrastructure and connectivity around the world, and this is the EU’s offer for sustainable bonds in full partnership.

“This is extremely important for us because in the everyday more challenged world in which we live, not to speak about the geopolitical consequences of the Russia-Ukraine war or what’s happening in Gaza,” the Deputy Director-General of the European Commission noted.

During the forum, the European Union launched a 32 million euro Special Measure on Manufacturing and Access to Vaccines, Medicines, and Health Technologies in Africa (MAV+).

This initiative aims to support the development of vaccine manufacturing and the pharmaceutical industry in Ghana.