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10.06.2016 Business & Finance

Chinese firms relocate to Ghana for raw materials

By CitiFMonline
Chinese firms relocate to Ghana for raw materials
LISTEN JUN 10, 2016

Ghana has commenced processes with some Chinese manufacturing firms who have written to the government t to move their equipment into the country to have access to raw materials for production.

China's stock market and other markets dipped in 2015 to about 2.6 percent; with its economic growth projection for 2016 expected to reduce from 7 percent to 6.3 percent.

The country is said to be expressing low production in some areas of the manufacturing sector due to increasing cost of doing business.

Speaking to journalists during the launch of the ECOWAS Industrial Forum which will be hosted by Ghana in July, Dr. Ekow Spio-Grabrah stated that government is carefully scrutinizing the proposal to make the country a hub for industries in the West African sub-region.

“We are all aware of the importance of China in the global economy and especially its gain around the world for its manufacturing prowess. In their own interest, they have written to us to relocate some of their manufacturing companies to Ghana,” he said

He stated that the development will enable Ghana to add value to its raw material before exporting.

“This will certainly benefit the country in several ways. Adding value to our raw materials mean that more processing firms would be establish and apart from generating foreign exchange for the country, it would also lead to job creation for Ghanaians,” he said.

He stated that it will give Ghana an opportunity to also produce goods that would be distributed in the sub-region, boosting the country's intra-trade relations with its neighbours.


By: Lawrence Segbefia/citibusinessnews.com/Ghana

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