Develop meaningful partnerships with African businesses – AGI Prez tells Chinese investors

Date: 2018-10-02

The President of the Association of Ghana Industries (AGI), Dr Adu Gyamfi, has called for a deeper partnership between African businesses and their Chinese counterparts. In an interview with China Global Television Network (CGTN) on the sidelines of the Forum on China-Africa Cooperation (FOCAC), Dr Adu Gyamfi stated that immediate cooperation and cultural exchanges are more important for improving understanding between China and Africa.

“We need to explain to each other. Africa is now ready. Africa is not a place of hunger; Africa is a place of economic transformation. If any businessman wants to take this opportunity and grab it, build and find out what can I do with associations of industries in those countries,” he stated.

Dr Adu Gyamfi further explained that businesses in Africa are already initiating meaningful partnerships across the sub-regions in order to harness the full business potentials of the continent. He stated, “for us in Ghana we have started something called ‘Ghangeria’ which is manufacturers in Ghana in relation to manufacturers in Nigeria. We are building bridges so that once we become one and coordinate and have counterparts in China, there is a lot we can do together. So together, with all hands on deck, we are about to make the great continent of Africa become greater so far as trade is concerned.”

Dr Adu Gyamfi also called on Africans in the diaspora to contribute their quota to the development of the continent by making available their expertise for the benefit of their home countries.

“It’s been something we are echoing everywhere that the Chinese built China, Americans built America and Europeans built Europe. We are therefore not expecting anybody but Africans to build Africa. And therefore, for Africa to achieve this transformation, all the Africans who have studied outside in different sectors must come home and let’s help build Africa”, he emphasized.

The 2018 Beijing Summit on China Africa Relations took place in September under the theme “China and Africa: Toward an Even Stronger Community with a Shared Future through Win-Win Cooperation.” The forum was attended by heads of governments from African countries.

During the summit, Chinese President, Xi Jinping announced a $60 billion in financing to Africa over the next three years.  This financing will be provided in the form of government assistance as well as investment and financing by financial institutions and companies, he said.

It includes $15 billion of grants, interest-free loans and concessional loans, $20 billion of credit lines, the setting up of a $10-billion special fund for development financing and a $5-billion special fund for financing imports from Africa. Chinese companies are also encouraged to make at least $10 billion of investment in Africa in the next three years.

Ghana also signed a $2b deal with Sinohydro Corporation Limited from China for the provision of infrastructure in Ghana. The barter trade facility is to be used to construct roads, hospitals, houses, rural electrification, interchanges, bridges and other government priority projects.

Earlier in the year, the Association of Ghana Industries (AGI) signed a MoU with the China Building and Manufacturing Company on disbursement of $2 billion to serve as counterpart funding for the ‘One district One factory’ (1D1F).