Trinidad and Tobago, Ghana strengthen trade ties

TRADE and Industry Minister Paula Gopee-Scoon is leading a private sector delegation on a six-day trade mission to Ghana.

The mission, organised by the Trinidad and Tobago Manufacturers’ Association (TTMA) and ExporTT, will take place from March 12-17, a ministry release on March 11 said.

"The mission will comprise of 21 companies from the food and beverage, chemical and household, construction, apparel and textiles and financial services sector," the release said.

It will also include representatives from the Tobago House of Assembly (THA) and trade-related state agencies, including the Export-Import Bank of Trinidad and Tobago (Eximbank) and Nedco.

The trade mission aims to:

– Determine business opportunities within the Ghanaian market for TT companies;

– Source possible raw materials and finished products for local producers;

– Look at possible investment opportunities in the Ghanaian markets;

– Take strategic business and logistical contacts; and

– Increase awareness of Ghana’s business contacts to TT’s manufactured products.

From 2018-2022, TT maintained a positive trade balance with Ghana. During this period, TT averaged $15.2 million in exports to Ghana and $0.6 million in imports annually.

In 2022, TT’s trade balance with Ghana increased by 24.7 per cent, moving from a surplus of $23.6 million in 2018 to $29.5 million in 2022.

TT’s top exports to Ghana in 2022 included liquefied butanes, mechanical appliances, petroleum oils, gaskets and pipes. While TT’s top imports from Ghana included mainly non-energy products such as cocoa butter, clothing, makeup, soap, and cassava farine.

The 2024 trade mission to Ghana comes on the heels of the 21st Annual Trans-Atlantic Trade and Investment Forum, held in Port of Spain in July 2023.

Following that meeting, the trade ministry hosted a high-level meeting with representatives from TTMA, exporTT, and key organisations from Ghana, including the Ghana Investment Promotion Centre (GIPC), to explore new opportunities for bilateral trade and investment. In that meeting, interest was expressed in developing partnerships and deepening co-operation between both countries.

Additionally, keen interest was expressed in building on TT’s trade complementarities with Ghana as well as on opportunities to export the national instrument, the steelpan, and niche products such as locally produced alcoholic and non-alcoholic beverages and chocolates.

Both TT and Ghana agreed that there will be targeted trade and cultural missions to advance the growth and development of both countries.

The trade mission will include several bilateral discussions, business-to-business (B2B) meetings and a "Doing Business" seminar.

The seminar will provide an overview of doing business in Ghana, while the B2B sessions will allow the private sector the opportunity to engage in discussions with companies in Ghana and provide opportunities for the initiation and continuation of trading relations.

"Gopee-Scoon will also engage in bilateral discussions with his royal majesty Otumfuo Osei Tutu II, King of the Ashanti Kingdom (Ghana); KT Hammond, Minister of Trade and Industry, Ghana; Brian Acheampong, Minister of Food and Agriculture, Ghana and Shirley A Botchwey, Minister of Foreign Affairs and Regional Integration," the release said.