Could Ghana be Jamaica’s gateway to Africa’s one-point-four billion consumers?
Ghanaian President John Mahama made an official state visit to Jamaica in August. The countries discussed plans to deepen trade and explore partnerships that could strengthen their economies.
President Mahama announced his intention to “expand the remmits of the African continental free trade area to include the Caribbean.”
That sounds a lot like what Afrixem Bank was saying at their road show in Jamaica in June. The Caribbean is now being considered a part of the African Diaspora, and an important market for them.
Now Ghana’s President came for an official visit to solidify ties personally. This could give Jamaican and Caribbean businesses easier access to fifty-four African countries.
That’s a market of approximately 1.4 billion people. But what could that opportunity look like in practice?
“By potentially connecting our ports, we could give exporters and investors on both sides of the Atlantic a more efficient route to new markets. We can make it easier for our Ghanian exporter to reach the Caribbean and the Americas and easier for a Jamaican exporter to reach Africa.”
Prime Minister Andrew Holness
President Mahama also pledged to advocate for duty-free and tariff-free trade in goods between Africa and the Caribbean.That could reduce some of the costs Jamaican exporters face when entering African markets.
Prime Minister Andrew Holness says Jamaica is already seeing results from business connections with Ghana in areas including agro-processing, logistics and more.
With tourism in mind, they’re also working to activate an air-services agreement that could allow direct flights between Accra in Ghana, and Montego Bay.
Together, these developments could create opportunities for Jamaicans to showcase their products, services, culture and expertise in new markets. This proposal could open an important door for Jamaica.
But gaining access is only the first step.The real test is whether Jamaican businesses will be ready to compete when that door opens.
And that’s the Bottom Line.
