The Ghana-Turkey Chamber of Commerce predicts that by the end of 2025 and 2027, respectively, the annual value of trade between Ghana and Turkey will reach US$900 million and cross US$1 billion.
Ghana and Turkey had a total trade value of US$771 million in 2020, up significantly from US$479 million in 2016. Notably, in 2019, Ghana became Turkey’s third-largest trading partner in sub-Saharan Africa. However, in 2021 and 2022, as global conditions prevailed, the value of trade decreased.
While the current trend in trade between the two countries is encouraging, the Chamber’s chief executive officer, Dr. Daniel Amateye Anim-Prempeh, said that while it is guaranteed that it will grow at a faster rate with improved relations and expanded trade areas.
“The pandemic strengthened this bond even further, as Turkey rose to become Ghana’s second-largest trading partner at its height… In reference to a partnership agreement signed in 2020, he stated that it is anticipated that Ghana’s trade volume will increase by 200 percent by 2025.
In the past, Ghana has mainly exported to Turkey cocoa beans, cocoa paste, and soybeans, with the export value increasing steadily at an annualised rate of 11.3 percent. In contrast, building supplies, pasta, and cement have been among Turkey’s major exports to Ghana.
He said the exchange of services between the two nations however remains relatively low. Consequently, Dr. Anim-Prempeh highlighted the numerous opportunities for Ghanaian businesses in Turkey’s dynamic manufacturing sector.
“Turkey produces high-quality goods at competitive prices, and its strategic location makes it a very competitive country to do business with,” the Chamber’s CEO explained.
However, he acknowledged challenges such as delays in entry clearance processing and high visa fees, which can impede business transactions.
“In every endeavour there are bottlenecks; simply put challenges, feedback and complaints from Ghanaian businesses are that it takes time for the embassy in Accra to process their entry clearance. Equally, we have received complaints from our Turkish counterparts about high visa fees charged by our embassy in Ankara. To my mind, such developments may impede the smooth facilitation of business transactions,” he elaborated.
Ghana-Turkey Chamber’s Role
The Ghana-Turkey Chamber of Commerce is actively working to promote and facilitate trade between the two countries, he added.
Dr. Anim-Prempeh emphasised his organisation’s efforts to establish strategic relationships with government agencies such as the Ministry of Trade and the Ghana Investment Promotion Centre.
“We are fostering relationships with the Ghana Union of Traders Association (GUTA), Association of Ghana Industries and the Importers and Exporters Association, as well as other key associations and individual businesses within the economy. With our Turkish counterparts, the Chamber has worked with the Foreign Economic Relations Board (DEiK) and other Turkish National Chambers, and is still taking steps to enhance relationships that will facilitate trade between the two countries. Our focus is also on attracting Turkish firms to establish their presence in the economy, thereby creating direct employment for Ghanaians,” he explained.
Furthermore, the Chamber is actively promoting educational connections. Turkey provides high-quality higher education, and the Ghana-Turkey Chamber of Commerce organises education fairs in Ghana for Turkish universities to encourage students to consider Turkey as an attractive educational destination.
This comes as Foreign Direct Investment (FDI) from Turkey has already had an impact in Ghana, with revenue from Turkish companies operating in various sectors and investments totaling US$112 million.
He added that the Chamber hopes to attract more Turkish firms, particularly in the manufacturing sector, to take advantage of Ghana’s stable political environment, favourable investment laws, and growing business environment.