South Africa’s High Commissioner to Ghana, Ambassador Lulu Xingwana, has called on business to help in developing economic strategies for a post-COVID-19 world.
“This therefore requires all of us to focus our energies on developing economic recovery strategies post-Covid-19. We have noticed that our countries have commenced a trajectory of gradually easing down some restrictive measures to achieve a balance between saving lives and the economy.
“I strongly urge all business to heed the clarion call by our leaders to collaborate in developing a wider economic recovery and reconstruction plan,” said Xingwana.
Speaking during a South Africa-Ghana Trade and Investment webinar on Tuesday, Xingwana encouraged business to invest in infrastructure.
“This should embrace inclusion of investment in infrastructure-driven growth, through building of bridges, roads, clinics, and renewable energy plants, and bring more young people into jobs; as well as greater use of locally made inputs of steel, cement and machinery,” she said.
The two-day webinar, which got underway on Tuesday, is hosted by the Department of Trade, Industry and Competition (DTIC).
She said the COVID-19 pandemic has disrupted global economic activity.
“Today’s seminar takes place in very different circumstances as the one we held earlier this year in February just before the virus was declared a pandemic. The pandemic has disrupted global economic activity, created uncertainty, and weakened global growth conditions.”
The Ambassador said both the Ghanaian and South African economies have not been spared with Gross Domestic Product (GDP) projected to fall.
“The scale of this COVID-19 pandemic has deepened the need for strategic partnership between state and non-state actors, especially the private sector,” said Xingwana.
The Ambassador said the revival of the South African and Ghanaian economies is in the hands of the private sectors and governments of the two countries as they prepare for the stimulation of the inter-continental trade through the implementation of the African Continental Free Trade Agreement (AfCFTA), scheduled to start early 2021.
“I wish to encourage the business community to seize the unimaginable opportunities to be facilitated by the AfCFTA implementation. I strongly urge all business to heed the clarion call by our leaders to collaborate in developing a wider economic recovery and reconstruction,” she said.
To date there are over 100 South African companies that are operating in Ghana.
“There are over 132 South African Companies registered in Ghana employing more than 19 000 Ghanaians and 510 expatriates. Over the past ten years, South African companies have undertaken over 167 projects in Ghana valued in excess of $1 billion in capital investments. The shared growth between the two countries should focus on industrialisation driven by value-addition of the productive sectors of the economy as well as skills development for the economies,” said Xingwana.
The webinar which will conclude on Wednesday, is being held under the theme “Developing Afrocentric Solutions and Forging Partnership in Response to COVID-19”.
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