By: Emmanuel Amoah
The bilateral trade volume between Ghana and China surged to nearly $6 billion in the first half of 2024, marking a 13.3% increase compared to the previous year, according to Mr. Tong Defa, the Ambassador of the People’s Republic of China. In 2023, trade between the two nations exceeded $11 billion, with a 10.4% year-on-year growth.
Speaking at a reception in Accra celebrating the 75th anniversary of the founding of the People’s Republic of China, Ambassador Defa emphasized the enduring strength of the Ghana-China partnership. He noted that China remains Ghana’s largest trading partner and a major source of investment, further solidifying the economic ties between the two nations.
The event also served to formally welcome Ambassador Defa as he began his diplomatic mission in Ghana. It underscored the mutual commitment to deepening bilateral relations, with both nations working towards shared growth and development.
A key highlight of the reception was the announcement of a $2 billion Chinese investment in the Sentuo Oil Refinery, which represents one of the largest foreign direct investments in Ghana in recent years. Ambassador Defa highlighted this as a significant boost to Ghana’s energy sector and an example of China’s growing interest in the country’s economic development.
“As the host of the African Continental Free Trade Area Secretariat, Ghana enjoys a strategic location, stable society, and abundant resources, making it a gateway to the African continent,” Ambassador Defa said. He also highlighted several other successful Chinese investments in Ghana, such as Sunon Asogli Power Limited, African World Airlines, and various steel, ceramic, and cement industries, which have contributed to local industrialization.
Ghana holds a special place in China’s diplomatic history, being the second Sub-Saharan African country to establish formal ties with the Asian nation. Ambassador Defa praised Ghana’s continued support for the one-China principle and underscored the importance of ongoing bilateral and multilateral cooperation.
Touching on China’s global impact, Ambassador Defa highlighted the country’s achievements in poverty alleviation, having lifted nearly 100 million people out of poverty. He also pointed out that China now has the world’s largest middle-income population, exceeding 400 million people, alongside the most extensive education, social, and healthcare systems globally. China has contributed around 30% to global economic growth for several years.
The Ambassador also noted the remarkable rise in China’s exports of electric vehicles, lithium-ion batteries, and photovoltaic products, which collectively exceeded 1 trillion yuan (about $140 billion), with a 30% year-on-year increase.
On the broader scale, China’s investment in Africa has seen exponential growth, rising from less than $500 million in 2000 to over $40 billion in 2024. This underscores China’s expanding economic presence and its commitment to strengthening trade and investment ties across the continent.
Ambassador Defa also reaffirmed China’s commitment to global cooperation through various initiatives, such as the Belt and Road Initiative, which promotes infrastructure development and economic connectivity. He also cited the Global Development Initiative, the Global Security Initiative, and the Global Civilisation Initiative, which focus on addressing development challenges, promoting stability, and fostering cultural exchange.
Representing the Ghanaian government, Mr. Albert Kan Dapaah, Minister of National Security, welcomed the new Ambassador and emphasized Ghana’s dedication to advancing bilateral relations. He acknowledged the importance of the Beijing Declaration and the Beijing Action Plan for 2025-2027 in enhancing China-Africa cooperation.
Kan Dapaah highlighted China’s crucial role as co-chair of the Official Creditors Committee, which facilitated the approval of $1.5 billion in financial support during Ghana’s negotiations with the International Monetary Fund. This financial assistance was instrumental in revitalizing Ghana’s economy, underscoring China’s reliability as a key development partner.
The Minister concluded by reaffirming Ghana’s commitment to providing a conducive environment for Chinese investment, particularly in sectors like agro-processing, mining, tourism, and education, and expressed hopes for a productive partnership under Ambassador Defa’s leadership.
