Two African countries, Rwanda and Ghana have successfully signed a Memorandum of Understanding (MoU) purported to deepen bilateral trade relations and also add to the prospects of the Continental Free Trade Agreement. The MOU was signed at the Africa Trade House on Thursday January 27.
The highly import event saw the attendance of authorities from both countries. Among them was Béata Habyarimana, Rwanda’s Minister for Trade and Industry, Dr. Aisa Kirabo Kacyira, Rwanda’s High Commissioner to Ghana, Mr. Alan Kyerematen, Ghana’s Minister for Trade and Industry among many other dignitaries.
The authorities noted that, the agreement was necessary to revamp the dwindling trade relation between the two countries. Mr. Alan of Ghana said “Despite the long-standing fraternal relations between our two countries, the level of trade between our two countries is very low. The same phenomenon applies in the area of investments.”
He added that, “It is against this background that this Memorandum of Understanding is being signed, to develop new strategies and implement measures that will significantly enhance bilateral trade and economic cooperation between our two countries. Ghana already has a Bilateral Air Service Agreement with Rwanda signed in 2018, which permits airlines from our two countries to operate commercial flights between Ghana and Rwanda to boost transport connectivity.”
The minister said further that, “we envisage that through this MOU, Ghana can become an entry point for Rwandan investments within the West Africa sub-region whilst Rwanda on the other hand, can become a strategic entry point for Ghana into the Central and Eastern African Markets”
Mr. Alan also held the view that, the agreement feeds into the demands of the African continental free trade which he said was formally established “at the AU Summit of Heads of State and Governments held in Accra in July 2012” and signed “at the 10th Extraordinary Summit of the AU Assembly of Heads of State held in Kigali in March 2018 .”