Kenya signs three MOUs with Ghana
Business
By
Fred Kagonye
| Apr 05, 2024
Kenya has signed three key trade-related Memorandum of Understanding (MoU) with Ghana.
The signing was done during President William Ruto's three-day visit to the West African nation where he attended the Ghana-Kenya Business Forum hosted by his Ghana counterpart Nana Akufo-Addo.
The forum sought to emphasize the transformative impact between the two nations and the wider African continent through collaboration between governments and the private sector.
One is on the Investment Promotion and Facilitation between the Kenya Investment Authority (KenInvest) and the Ghana Investment Promotion Center (GIPC).
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This will focus on investment promotion, business facilitation, capacity building and mutual investments.
The second MoU is between the Kenya National Chamber of Commerce and Industry (KNCCI) and the National Chamber of Commerce and Industry (GNCCI).
The partnership is aimed at enhancing the private sector engagement to boost intra-African trade.
The third MoU is between the Kenya Association of Manufacturers and the Association of Ghana Industries which will focus on strengthening strategic alliances and business ties between the two nations.
According to Trade and Industry CS Rebecca Miano, the partnership between the two countries highlighted the pressing need to stay ahead of evolving trends, shifting consumer demands and disruptions.
She lauded the partnership between the Kenyan government and the private sector saying it reflects their commitment for an inclusive approach.
"Our perspective on mutual trade and investment opportunities, along with our support for industry players, will enable us to realize the growth we desire. Kenya is a hub and a gateway into East Africa while Ghana is a hub and getaway into ECOWAS. Our partnership will enable hub-to-hub cooperation driving intra-African trade," said Miano.
The collaboration is expected to capitalize on Kenya's textiles, pharmaceuticals, electrical appliances and furniture industries and Ghana's cocoa, textiles, machinery and data equipment.
According to Miano, Kenya aims to ease the cost of doing business and double the contribution of exports to GDP by 2027.
The country also aims to double Foreign Direct Investments and increase the contribution of manufacturing to GDP to 20 per cent by 2030.