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Government seeks renegotiation of BIT Treaty with Spain

GhanaWeb | 27 February 2021

Government seeks renegotiation of BIT Treaty with Spain

Ghana’s Foreign Affairs and Regional Integration minister-designate, Shirley Ayorkor Botchwey, has sought for a renegotiation of the Bilateral Investment Treaty (BIT) signed between Ghana and Spain.

This, she said, is necessary as it will be in the interest of both parties since there has been a change in Ghana’s investment regulatory environment, the adoption of the Pan African Investment Code and an evolution in international best practices.

She made this known to Cristina Gallach Figureas, the Deputy Minister for Foreign Affairs of the European Union and Cooperation of the Kingdom of Spain when they met this week.

She also discussed the opportunities for Spanish businesses to take advantage of the 1.2billion trade market under the African Continental Free Trade Area (AfCFTA), underscoring the need for the two countries to explore new areas of cooperation.

“Our countries need to explore new areas of cooperation particularly in the areas of gender equality, education, mining, pharmaceuticals, vehicle parts manufacturing, ceramics, entrepreneurship and football training especially since both Ghana and Spain are football-loving countries with Spain possessing enormous expertise,” she said.

Shirley Ayorkor Botchwey further solicited support for the intended expansion of health infrastructure in Ghana and also the modernization of agriculture in the country, in line with the Ghana COVID-19 Alleviation and Revitalisation of Enterprises Support (CARES) Programme, complemented by government’s Planting for Food and Jobs and the Rearing for Food and Jobs (PFJ/RFJ) initiatives which aim at mitigating the impact of the pandemic on the lives and livelihoods of Ghanaians.

Also, the minister-designate urged Cristina Figureas and Spain for that matter, to consider the development of Strategic Anchor Industries in Ghana such as the petrochemical industry, pharmaceuticals, manufacturing of machinery and machine components, industrial chemicals, the integrated aluminium industry, iron and steel, among others.

She however expressed regret at the disapproval by the European Union that met the 7,000,000 Euros pledged under the EU/Archipelago fund for entrepreneurial training in Africa.

 source: GhanaWeb