The DEİK/Türkiye-Ghana Business Council has projected a $1 billion trade value between Ghana and Turkey by the close of 2023.
In 2020, the bilateral trade between Ghana and Turkey reached a total value of $771 million marking a substantial increase from $479 million in 2016.
Notably, in 2019, Ghana emerged as Turkey’s third-largest trading partner in sub-Saharan Africa.
Speaking to JoyNews on the sidelines of a Cooperation Meeting between Turkish and Ghanaian Companies B2B meeting, under the auspices of CalBank, Chairperson of DEİK/Türkiye-Ghana Business Council, Abdulkadir Turan, indicated that the existing trade between the two countries is promising.
With over 140 business delegations seeking partnership through DEİK, Mr Abdulkadir Turan said, “We aim to march Turkish and Ghanaian businesses. Ghana geographically is a perfect location to expand to other African countries”.
According to him trade between Türkiye and Ghana “is multidimensional. In 2022, the total volume of exportation was $530 million, whereas the import from Ghana $189 million”.
On projections for combined import and export trade between both countries by the close of 2023, “the aim and target is to reach, a trade volume of $1 billion. As you know the export and import volume increases by the end of each year and according to the data, looking at the rate of acceleration, we will be able to achieve this target by the end of this year” he emphasised.
He added that enhancing relations and diversifying trade sectors will accelerate the growth rate.
Mr. Abdulkadir Turan believes Türkiye and Ghana’s trade relations continue to grow because “commercial, political and social relations were kept well and Turkish approach has been the winning formula for domestic businesses, establishments and companies in Ghana”.
In the past, Ghana’s main exports to Turkey have been cocoa beans, cocoa paste, and soybeans. These exports have demonstrated a consistent growth trend, with an annualized rate of 11.3 per cent.
Conversely, Turkey’s primary exports to Ghana have comprised cement, pasta, and building materials.
Türkiye is currently the 4th largest automotive producer in Europe and the 13th in the world.
On the energy market, the country exports $16.4 billion in 2022.
CalBank, an ingenious Ghanaian Bank for years has been at the forefront of business support. To expose and support customers and their businesses success globally, CalBank has organised a B2B meeting with businesses in Türkiye for the second time.
Explaining the initiative, Mr. Daniel Appiah, Head of Business Banking at CalBank said, “Türkiye has become the new frontier in terms of local businesses and Small and Medium-sized Enterprises.
“So to introduce them to big players in the Turkish business industry and help them form partnerships for products and expertise sharing, we have put together this CalBank Trade Delegation B2B meeting”.
He said, “There are businesses in Ghana who are into production and are in need of export opportunities. Those who export machinery from Türkiye are also looking for cheaper business methods.
“What is better than partnering with a brand like CalBank which gives the credibility out here, so that it helps them form those partnerships and gain an advantage over their competitors”.
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