The Republic of Ghana and the Kingdom of the Netherlands have renewed their commitment to deepen economic and trade relations at a short ceremony to mark the commencement of the renegotiation of the Bilateral Investment Treaty (BIT) at the Ministry of Foreign Affairs and Regional Integration on Wednesday, April 4, 2023.
In his welcome address, Deputy Minister for Foreign Affairs and Regional Integration, Kwaku Ampratwum-Sarpong, noted that trade has played an important role in enhancing the bilateral relations between the two countries.
He recalled that in the past, trade was conducted through the exchange of commodities such as gold, ivory, cocoa paste, cocoa butter, and spices for Dutch textiles, firearms, and metalware.
He stated, “the new areas for consideration will include knowledge sharing and professionalisation of the horticultural industry, the processing of cocoa in Ghana, and the promotion of sustainable development as well as corporate social responsibility which are pivotal to Ghana’s economic growth.”
Mr Ampretwum took the opportunity to encourage Dutch investors to explore the numerous investment prospects that the country offers, while “leveraging the market access the African Continental Free Trade Area ( AfCFTA) provides to boost intra-Africa trade and Africa’s role in the global market”.
On her part, the Vice-Minister for Foreign Economic Relations of the Kingdom of Netherlands, H.E. Ms. Hanneke Schuiling, expressed her Government’s readiness to renew negotiations of the Bilateral Investment Treaty (BIT) to “further deepen the economic and trade relations in areas of agriculture, exports, science and technology, entrepreneurship and innovation, amongst others”.
Ms. Schuiling was hopeful that the discussions would yield fruitful results for the mutual benefit of both countries.
The Deputy Chief Executive Officer of the Ghana Investment Promotion Centre, Mr. Yaw Amoateng Afriyie, noted that renegotiating the BIT will provide a more conducive environment to promote, attract, and retain Dutch investments into Ghana and for Ghanaian investors in the Netherlands.
He hoped that the discussions “will lead to an enhanced regulatory framework that protects foreign investors doing business in the two countries as well as strengthen the private sector”.