A private legal practitioner and Executive Chairman of AB & David Law, David Fosu Dorte, has warned, that Ghana may miss the tide of tapping into China’s resources if does not carefully plan an export strategy.
He explained that since China consumes a large amount of spicy foods, Ghana cannot afford to leave such a large potential of untapped resources through exports.
Dorte said that chilli sauce, popularly known as ‘Shito’ has a huge untapped potential for export into China, which has a massive population of 1.2 billion people. He therefore called on Ghanaians to liaise with the Ghana Exports Promotion Authority (GEPA) to develop a China export strategy.
Mr Fosu Dorte made this known speaking at the second edition of the Citi Business Forum in Accra.
‘’Instead of China becoming a partner who just comes to dominate us, it should rather become a place where Ghanaians can also export,’’ he stressed.
He said the country must fully understand the terms and practices of the Continental Free Trade Agreement to fully tap into China’s potential.
‘’This must be the strategy to encourage Ghanaians to partner with the Chinese to locate value addition industries here which become a logistics hub, you don’t need any government conditions to set that up,’’ he further noted.
President Akufo-Addo recently announced at a ceremony in Beijing, China that Ghana is to sign some eight Ghana-China co-operation agreements.
In his remarks, he said; ‘’The Ministry of Finance and the economists in Ghana are looking at floating a US$50 billion Century Bond.
This will provide us with the resources to finance our infrastructural and industrial development. We are hoping that, at some stage, China will interest itself, and take a part of it as China’s contribution to Ghana’s development.”
Many discussions about ultra-long-term debts of the Century Bond have raised doubts about its benefits to Ghanaians, due to interest rates fluctuations that can lower yields for foreign investors years to come.
By Mawuli Y. Ahorlumegah