Ghana Attracts More Turkish Lira

By  |  March 20, 2019

Turkey has committed to increase its Foreign Direct Investment (FDI) to Ghana from the current USD 400 million to USD 1 billion.

Ozlem Ergun Ulueren who is the new Turkish ambassador to Ghana made this known on Tuesday in Accra when she paid a courtesy call on Information Minister, Kojo Oppong Nkrumah.

Their discussions during the brief meeting largely focused on the relationship between Ghana and Turkey and how they can further deepen the bilateral relations. 

Ulueren divulged that Turkey is firmly determined to support resident Akufo-Addo’s vision of a Ghana Beyond Aid. She also mentioned that Turkish construction companies have invested close to half a billion in Ghana, and that there were ongoing Turkish projects in Ghana.

Mr. Oppong Nkrumah did float the names of some sectors that Turkish investors could consider investing in to the ambassador. Among some sectors he mentioned were tourism, agricultural, industrial sectors and the capital market. During the meeting held in his office, the information minister assured his guest that the capital market in Ghana was burgeoning and secure for anyone to invest in. 

Notably, he appealed to the ambassador for both Ghana and Turkey to explore ways to open up the Turkish market for Ghanaian products. He expressed optimism that outbound trade to Turkey will strengthen Ghana’s currency.

Diplomatic relations between Turkey and Ghana were established in 1958. In 1964,  the first Turkish Embassy was opened in Accra. In 1981 the Embassy had been closed due to austerity measures. It was then reopened in Ankara in 2012. The ambassador was keen to mention and urge that the mutual relationship between both nations be maintained going forward as she recounted the unfortunate incidents that led to the closing down of its embassy in Ghana.

The presidential visits by Turkey’s 11th President, H.E. Mr. Abdullah Gül on March 2011 paved way for further augmentation and strengthening of the relations of the two countries which have for a long period enjoyed close and cordial relations as development partners. The bilateral trade volume between Turkey and Ghana which amounted to USD 399,5 mn in 2015, reached USD 478,9 mn in 2016.

Former Ambassador of Turkey to Ghana Nesrin Bayazit earlier revealed that Ghana has become Turkey’s third-largest economic partner in Sub Saharan Africa. Relations between Ghana and Turkey climaxed when the former President of Turkey, Abdullah Gul, led a 150-man business delegation to Ghana in 2016, to hold a business seminar and Business meeting for the private sector.

Feature image courtesy: CNN

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