In 2022, the trade relationship between Ghana and China achieved an unprecedented milestone, reaching a record high of US$10.2 billion, compared to the 2017 figure of US$6.67 billion. What's even more noteworthy is that Ghana's exports to China surged by an impressive 60 percent in the previous year, as revealed by the Chinese Ambassador to Ghana, Lu Kun.

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He made this announcement during the celebration of the 74th anniversary of the People's Republic of China in Accra, underscoring the substantial benefits resulting from the collaborative efforts and partnerships between the two nations.“Since this year, China-Ghana cooperation has yielded fruitful results, delivering tangible benefits to the Ghanaian people.

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In March, construction began on a China-aided annex building for the foreign affairs ministry in Accra. In May, China joined the official creditor committee for Ghana as co-chair and helped Ghana secure the IMF US$3 billion deal in record time.“In June, construction began on a China-aided military building. In July, the 43rd fleet of the Chinese People’s Liberation Army Navy visited Ghana.

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The Embassy donated relief items to flood victims in the Volta Region and a Chinese medical team in Ghana provided free clinical services. In August, the China Visa Application Centre in Accra officially opened. Therefore, China will remain Ghana’s largest trading partner and major foreign investments source for years to come,” he stated.Ambassador Lu Kun emphasized the tangible outcomes of China-Ghana cooperation throughout the year.

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This included the commencement of construction on a China-aided annex building for Ghana's foreign affairs ministry in Accra in March. In May, China took on the role of co-chair in the official creditor committee for Ghana, contributing to the swift securing of a US$3 billion deal with the IMF. In June, construction began on a China-aided military facility, and in July, the 43rd fleet of the Chinese People's Liberation Army Navy visited Ghana.

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Additionally, the Chinese Embassy donated relief items to flood victims in the Volta Region, and a Chinese medical team provided free clinical services in Ghana. August marked the official opening of the China Visa Application Centre in Accra. Ambassador Lu Kun affirmed that China would continue to be Ghana's largest trading partner and a major source of foreign investments for years to come.

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During the event, Finance Minister Ken Ofori-Atta, as the guest speaker, expressed gratitude to China for its consistent support in advancing Ghana's socio-economic development. He specifically acknowledged China's instrumental role in facilitating Ghana's access to a US$3 billion extended credit facility from the International Monetary Fund.

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Given China's status as Ghana's primary trading partner and a key source of foreign direct investments, Minister Ofori-Atta committed the Ghanaian government to create a favorable environment for Chinese companies operating in the country and to attract further investments from China.Minister Ofori-Atta also stressed the importance of achieving a balanced trade and investment partnership between the two nations.

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He encouraged the exploration of new economic opportunities to ensure sustained growth and an enhanced commercial partnership.As of June 2023, China's exports to Ghana totaled US$747 million, while its imports from Ghana amounted to US$183 million, resulting in a positive trade balance of US$563 million for China, according to data from the Observatory of Economic Complexity (OEC), a leading tool for visualizing international trade data.

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China's primary exports to Ghana in June 2023 included coated flat-rolled iron (US$32.4 million), pesticides (US$29.5 million), rubber footwear (US$17.6 million), large construction vehicles (US$15.4 million), and motorcycles and bicycles (US$14.8 million). Conversely, China's top imports from Ghana during the same period were dominated by crude petroleum (US$159 million), manganese ore (US$49.7 million), sawn wood (US$1.

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44 million), cocoa paste (US$1.16 million), and rough wood (US$1.09 million). It's worth noting that China's exports saw a decrease of US$158 million (-17.5 percent), declining from US$905 million to US$747 million between June 2022 and June 2023, as per OEC data. Imports also experienced a decrease of US$123 million (-40.2 percent), dropping from US$307 million to US$183 million during the same

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period.

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