The sixth session of France-Ghana Political Consultations to find ways to increase Ghana’s trade with France is underway in Accra.

The 14-member delegation from the French Embassy was led by Mr Andre Parant, the Deputy Permanent Secretary, Ministry for Europe and Foreign Affairs, France, while Ghana’s delegation comprising heads of some key Ministries, Departments and Agencies was led by Ambassador Albert Yankey, the Chief Director at the Ministry of Foreign Affairs and Regional Integration.

High on the agenda is talks about the preparations towards President Nana Addo Dankwa Akufo Addo’s State visit to France in July; Elections 2020 in Togo, Ivory Coast and Guinea.

Bilateral, Economic and Financial Environment, including cooperation with International Monetary Fund; Investment Perspectives and Foreign Investment; Protection Agreement signed between the two countries in 1999, and Ghana beyond Aid will be discussed during the session.

Others include areas of cooperation, activities of the Agence Francaise de Development (AFD); French Language Cooperation; University Cooperation (higher education and research); update on the opening of the new French Embassy in Accra.

The dialogue will also focus on global issues including cooperation on United Nations matters, especially Sustainable Development Goals and Climate Change; Migration, human and drug trafficking, organized crimes and terrorism, and candidatures.

Regional issues such as ECOWAS priorities and perspectives; African Union matters, maritime security in the Gulf of Guinea; security on the sub region, including G5 Sahel and Mali; security in Burkina Faso and Benin will also be discussed.

Ambassador Yankey, earlier, said the dialogue session would give the two countries the opportunity to brainstorm on ways to increase trade volume between the two.

He said currently, Ghana’s trade volume to France was very low and stressed the need to come up with concrete measures to boost trade between the two countries.

The amount of bilateral trade between both countries was more than 500 million Euros in 2018.

Ghana mainly supplies oil to France, and also agricultural products and food. It is now the fifth supplier in sub-Saharan Africa for France. France exports mainly metallurgical products, refined petroleum products, food products and engineering equipment.

The value of French foreign direct investments in Ghana in 2017 was nine million Euros for a stock amounting to 1.4 billion Euros. This ranks Ghana as seventh destination in sub-Saharan Africa for French investors.

Mr. Parant, on his side, said more French companies were coming to establish business in Ghana because of the investment confidence and attraction.

He said though those companies were aiming at breaking even, their foremost priority was to create jobs and help grow Ghana’s economy.

He, therefore, expressed France preparedness to work with Ghana and to assist in the area of industrialization.

He also commended the government policy on Free Senior High School, which he said would facilitate integration within the ECOWAS region.

Mr Parant also added his voice on the need to find ways to increase trade volume between the two, saying, “Currently, trade between the two countries is very limited”.

He said France will be organizing a trade summit this year and expressed the hope that after Ghana’s participation the trend would improve.

There are currently more than 70 French companies established in the country in a large range of sectors, 60 of them being established as subsidiaries, and 15 being established as their own.

This includes agriculture, banking, insurance, construction, logistics, oil and gas, hotel and restaurants.

The activity of French companies in Ghana has contributed to the creation of around 20,000 direct and indirect jobs.

The French Chamber of Commerce and Industry in Ghana was inaugurated in 2014 and brings together 140 French and Ghanaian companies with the aim to support and enhance economic and business bilateral relationships.

On the development side, the AFD since its inception in Ghana from 1985, is involved in projects in the agriculture sector, urban development and energy.

The agency is part of various projects such as the development of perennial crops (rubber and oil palm), the retrofit of the Kpong Dam and the financing of GRIDCO’s investment plans. Its subsidiary PROPARCO offers loans and private Equities to the private companies.

The fifth session was held in France last year.