The Canadian High Commissioner to Ghana, Her Excellency Martine Moreau, has highlighted the magnitude of trade between Canada and Africa which has gone beyond $15 billion in recent times.
According to her, over 100 Canadian companies are involved in mining activities in Africa.
She said this shows the intensity of trade relations between the continent and Canada even as investments have grown steadily by 12.5% annual rate in the last four years.
“Last year total trading merchandise between Canada and Africa surpassed 15 billion dollars representing a 56 percent increase over pre-pandemic figures. Canadian investments have over the last four years been increasing at an annual rate of 12.5 percent. More than 100 Canadian-owned companies conduct mining operations in Africa,” she was quoted by citinewsroom.com.
H.E. Moreau opined that if the existing framework for the African Continental Free Trade Area is leveraged, trade volumes and investments could be bolstered in the nearest possible time.
“While we continue to benefit from exiting opportunities, we also recognize the tremendous economic potential to be realized through the implementation of the Africa Continental Free Trade Agreement,” she opined.
She, therefore, stated her utmost support for the initiative while adding that the AfCFTA will not only be beneficial to African countries but also create opportunities for external trade partners.
“We strongly support this agreement as it will establish a continent-wide rule-based and investment regime that will afford significant opportunities not only for African nations themselves but also for external trading partners including Canada,” she noted.