Ghana and Mauritius have signed a Memorandum of Understanding (MOU), moving the economic cooperation between the two countries a step higher.
The MOU between the Ghana Stock Exchange and the Stock Exchange of Mauritius set the pace for future bilateral treaties.
The deal was concluded at the opening of a business forum on Thursday to discuss issues of mutual interest between both countries.
The forum featured seven Mauritius public sector business leaders and 27 business executives from the private sector in a meeting with their Ghanaian counterparts to explore ways to enhance business in both countries.
Visiting Deputy Prime Minister of Mauritius, Mr. Charles Xavier-Luc Duval, hailed the forum as an important step to deepening Ghana-Mauritius relations towards building stronger economies.
Mr. Duval called on African leaders to explore varied dimensions of intra-Africa trade and take the opportunity in the existing trade gap as a move to diversify and stabilise the continent’s economies.
Since independence in 1968, Mauritius has developed from a low-income, agriculturally based economy to a middle-income diversified economy with growing industrial, financial, and tourist sectors.
The Vice Prime Minister said Africa ought to reinforce bilateral relations and diversify its economies in order to encourage and develop strong but sustainable intra-Africa trade.
Intra-trade among the European Union is around 70 per cent, 52 per cent for Asian countries, 50 per cent for North American countries and 26 per cent for South American countries.
Africa trades more with the rest of the world than it trades with itself. Intra-African trade accounts for hardly 10 per cent of the region’s total trade.
Mr. Duval observed that with the right regulatory frameworks and political will, the potential for trade among African countries could unlock and contribute significantly to growth and development goals of the continent.
Mr. Haruna Iddrisu, Minister of Trade and Industry, said Ghana, with a consistent growth rate of between 7 and 14 per cent, held prospects for massive investment, adding, “I encourage businesses not to hesitate to invest in Ghana.”
He said government was committed to the double-taxation agreement, to better structure the investment abroad between the two nations.
Mr. Iddrisu called on the business community to explore opportunities in the agro-processing industry to create more jobs and improve the economic lives of the people.
The Trade Minister commended the Mauritian energy and manufacturing firm, Omnicane, for its decision to invest about US$250 million into sugar plantations in Ghana.
A factory with production capacity 100,000 tonnes of refined sugar every year is expected to create thousands of jobs, he said.
Sugarcane is grown on about 90 per cent of the cultivated land area and accounts for 25 per cent of export earnings.
Visiting Vice Prime Minister of Mauritius, Duval, arrived in Ghana on Wednesday at the head of a 30-member business delegation to deepen bilateral relations and explore investment opportunities, particularly in the sugar industry.
The visit follows a similar one by President Mahama and the Trade and Industry Minister to Mauritius. This was reciprocated by a delegation from the Mauritius sugar firm, Omnicane Company in April.
Source: GNA
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