Nassau, Bahamas – The maiden Ghana-Bahamas Investment Summit took place on Wednesday, May 17, 2023, under the auspices of the Ghana Investment Promotion Centre (GIPC). The event, which was part of the Diaspora Connect Roadshow – Caribbean, aimed to reconnect with people of African descent in the Bahamas and the wider Caribbean. Additionally, the summit sought to showcase the economic and investment potential of both countries, fostering stronger and more prosperous economic bilateral relations between Ghana and the Bahamas, in the spirit of South-South cooperation.
Hon. Kwaku Ampratwum-Sarpong, the Deputy Minister for Foreign Affairs and Regional Integration, emphasized the importance of improving economic diplomacy to forge partnerships and strengthen economic ties between Ghana and the Caribbean. He highlighted the ancestral, cultural, and traditional bonds that exist between Ghana and the Bahamas, stressing that enhancing these ties would be instrumental in creating prosperity and improving the living standards of both nations’ peoples. The Deputy Minister expressed concern about the low trade volumes between the two countries and expressed optimism that the summit would generate discussions to bolster trade and investment for mutual benefit.
Hon. Ampratwum-Sarpong commended the establishment of the Africa-Caribbean Trade Mission in Accra, which aims to facilitate connections between the Bahamas and Ghana. He believed that the trade mission would provide an enabling environment for partnerships between the business communities of both countries, particularly in sectors such as tourism, fashion, and textiles. The Deputy Minister urged the business communities in Ghana and the Bahamas to fully explore the opportunities in these areas of cooperation, fostering joint ventures and exchange of knowledge and expertise, thereby boosting trade and investment.
Moreover, the Deputy Minister highlighted Ghana’s locational advantage as the gateway to Africa, citing the presence of the Secretariat of the African Continental Free Trade Area (AfCFTA) in the country. The AfCFTA seeks to enhance intra-African trade and redefine Africa’s role in the global market. Hon. Ampratwum-Sarpong also emphasized Ghana’s political stability, peace, and security, which make it an attractive investment destination, hosting headquarters of several major multinational companies.
Prior to the summit, the Deputy Minister, accompanied by other government officials, held meetings with the Prime Minister of the Bahamas, Rt. Hon. Philip Davis, and later with the First Lady, Ann Marie Davis. During the meeting with Rt. Hon. Philip Davis, both officials reviewed the bilateral relations between Ghana and the Bahamas, underscoring the significance of the investment summit in enhancing economic activity between the two countries. They discussed interconnectivity and the possibility of establishing a visa exemption regime between Ghana and the Bahamas.
Rt. Hon. Davis expressed his country’s willingness to sign a visa exemption agreement and urged for the immediate negotiation and conclusion of such an agreement. The summit was thus tasked with discussing practical steps to introduce flights between Ghana and the Bahamas.
Hon. Ampratwum-Sarpong commended the Government and People of the Bahamas for hosting the summit and expressed hope that the outcomes would lead to increased investment and trade activities between Ghanaian and Bahamian businesses.
Among the attendees at the meetings were Ghana’s Minister for Information, Hon. Kojo Oppong Nkrumah; Mr. Yofi Grant, Chief Executive Officer for the Ghana Investment Promotion Centre (GIPC); Hon. Ahomka Lindsay, former Deputy Minister for Trade and Industry and Board member of GIPC; and Amb. Samuel Yaw Nsiah, Ghana’s Ambassador to Cuba with concurrent accreditation to the Bahamas, along with officials from the GIPC and other stakeholders from the Bahamas.
The successful Ghana-Bahamas Investment Summit marked an important step toward strengthening economic relations between the two nations, leveraging their shared heritage and exploring new avenues of collaboration.
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