Economic relations between France and Ghana
Over the years Ghana has become an important economic partner for France in Africa.
Regular official visits from both sides have taken place over these last years. Economical and business topics were regularly at the center of discussions. H.E. John Mahama, President of the Republic, met the representatives of MEDEF (Movement of French Companies) in Paris during his official visit to France in May 2013. Hon Hannah Tetteh, Minister of Foreign affairs and Regional integration also met with MEDEF International, on the sidelines of her visit to her counterparts Laurent Fabius in October 2014 in Paris. The French Minister for External Trade was in Ghana in November 2013 to promote the growth of economic exchange. Two delegations from MEDEF International of around 30 companies were in Accra in 2013 and 2015. They were received by the President H.E John Mahama at the Presidential House.
There are currently more than 60 French companies established in the country in a large range of sectors, 46 of them being established as subsidiaries, and 15 being established as their own. This includes agriculture, banking, insurance, construction, logistics, oil and gas, hotel and restaurants. The well-known French companies have established subsidiaries in Ghana such as: Société Générale, Total, Technip, Pernod Ricard, Alstom, Bolloré, CMA-CGM, Air Liquide, and L’Oréal. Companies like Golden Exotics (La Compagnie Fruitière) or GREL are large employers in the country. The activity of French companies in Ghana has contributed to the creation of around 20,000 direct and indirect jobs.
The amount of bilateral trade between both countries was 1 billion € in 2015. Ghana mainly supplies oil to France, and also agricultural products and food. It is now the fifth supplier in sub-Saharan Africa for France. France exports mainly metallurgical products, refined petroleum products, food products and engineering equipment.
The value of French foreign direct investments in Ghana in 2014 was €107M for a stock amounting to €851M. This ranks Ghana as 8th destination in sub-Saharan Africa for French investors. The presence of French business in the coming years would be increased with various projects including the extension of Tema harbor, electricity production as well as infrastructures for the exploitation of the oil and gas fields of TEN and Sankofa.
The French Chamber of Commerce and Industry in Ghana was inaugurated in 2014 and brings together seventy French and Ghanaian companies. This association of companies and professionals aims at supporting and enhancing economic and business bilateral relationships. The Chamber is a platform for exchange and business networking at the service of Ghanaian and French companies. The Chamber will be one of the pillars for the fostering of economic exchange between both countries in the coming years.
On the development side, the French Agency for Development (Agence Française de Développement, AFD) present in Ghana since 1985, is involved in projects for the sectors of agriculture, urban development and energy. The agency is part of various projects such as the development of perennial crops (rubber and oil palm), the retrofit of the Kpong Dam and the financing of GRIDCO’s investment plans. Its subsidiary PROPARCO offers loans and private Equities to the private companies.