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Ghana-China Trade: A Catalyst for Economic Growth- Aurelia Baaba Ofori Odame

Head, Africa-China Trade Banking at Stanbic Bank Ghana, Aurelia Baaba Ofori Odame, has emphasized that the growing trade relationship between Ghana and China is poised to ignite significant economic growth within the Ghanaian economy.

She made the remarks during the 3rd China-Africa Economic and Trade Expo (CAETE) held in Changsha, China.

Addressing the expo’s attendees, Ms. Aurelia, representing Stanbic Bank, underscored their pivotal role in propelling growth throughout the African continent.

Their participation in the trade fair, she highlighted, aligns seamlessly with their overarching objective of fostering trade collaboration between Africa and China, thus facilitating increased commerce across the regions.

In her words, “China has established an expedited avenue to facilitate seamless exports from Africa, particularly in the realm of agribusiness products.

The expansive potential of the Chinese economy as an export market cannot be overstated. At Stanbic Bank, our mission centers on nurturing Africa’s growth. Hence, we are deeply committed to nurturing trade links between Ghana and China, recognizing it as a driving force for developing the export sector in catalyzing growth for our economy.

Our intent as a bank is to leverage this opportunity, actively aiding exporters in sending both conventional and non-traditional exports to China, thereby injecting essential foreign exchange to invigorate our local economy.”

“We, at Stanbic have strategically positioned ourselves as instrumental stakeholders in the Ghana-China corridor. Our focus is on presenting our exporters with a platform to showcase their offerings within the Chinese market.

This strategic move is designed to bolster and expand our export sector, in alignment with the developmental strategies of the Ghanaian government, particularly in bolstering the non-traditional export sector,” she added.

Ms. Aurelia also elaborated on the bank’s role in assisting selected customers in partaking in the trade expo, providing them with a conduit to showcase their products within the dynamic and demanding Chinese market.

She further encouraged Ghanaian enterprises to seize this remarkable opportunity for growth of their businesses by venturing into international trade.

According to her, “Our participating clients were granted the privilege of spotlighting their products and innovations at the Expo, thereby showcasing the ingenuity emerging from Ghana. In addition, the Expo featured an array of matchmaking events, affording us the chance to directly connect our clients with potential Chinese buyers and business allies.

To Ghanaian enterprises, I extend a cordial invitation to join us on this exhilarating journey. Together, we will continue to deliver innovative solutions, facilitate market access, furnish vital information, and offer funding and capital resources to underpin business growth and the realization of their entrepreneurial aspirations.”

Stanbic Bank’s expertise in Africa-China trade is rooted in its ability to forge connections between African clients and a meticulously vetted network of export partners and reputable Chinese importers.

This robust framework is fortified by a comprehensive array of transactional services, as well as a wide spectrum of trade and working capital finance solutions.

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The CAETE, a biennial event inaugurated in 2019, stands as a testament to the Forum on China-Africa Cooperation’s (FOCAC) commitment to rebalancing trade dynamics between Africa and China.

Both the 2019 and 2021 expos have borne fruitful outcomes, culminating in the signing of 216 projects, amounting to a cumulative value exceeding US$43 billion in new trade with Africa to date.

China is looking to import circa $300 billion in products from Africa in the next three years and Stanbic has position itself to ensure our customers benefit directly from the initiatives hence the drive to project and support businesses willing to export.

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