SA, Ghana to fast-track economic cooperation

According to the MoU, the two countries pledged to intensify efforts for the promotion of bilateral trade, industrial development, technical capacity building and infrastructure development.

Thabethe was addressing a South Africa-Ghana Business Seminar in Accra.

Thabethe is in Ghana, where she is leading a delegation of businesspeople on an Outward Selling and Investment Mission to increase trade and investment.

"Relations between South Africa and Ghana have matured over the years and the increase in bilateral trade from US$32 million in 2008 to US $60.9 million is indicative of this maturity.

"As much as relations have matured, I believe there exists further potential to increase trade, particularly in value-added products between our two countries and the region.

"With the recent discovery of oil, I would urge Ghana to take advantage of the Saldanha Bay Industrial Development Zone for the servicing of oil and gas rigs and for broader upstream exploration," Thabethe said.

Thabethe also announced that South Africa would participate in a National Pavilion at the Ghana International Trade Fair in 2014.

Ghanaian Minister of Trade and Industry, Haruna Idrissu, expressed Ghana's commitment to deepening economic trade with South Africa.

"It is my belief that we present to you the most conducive conditions to conducting business in Ghana. Our constitution is against expropriation and we are assuring you of significant openness to trading.

"We welcome South African entities that want to invest in any sector and are prepared to assist all value-adding projects. Entities looking to invest in Ghana on private-public partnerships will be incentivised, particularly those in the agro-processing sector," he Idrissu.

The South African High Commissioner in Ghana, Jeanette Ndhlovu, added that the time for resolutions and declarations must now cease.

"We now have to move for concrete action. The time for action is now," she said.

The mission will continue with business-to-business meetings between South African and Ghanaian companies, and there will also be site visits to industry related projects.