T&T signs investment agreement with Ghana
25th September 2024
By Trinidad and Tobago Guardian
T&T signs investment agreement with Ghana
The T&T Government and the Government of the Republic of Ghana yesterday entered into an Agreement for the Reciprocal Promotion and Protection of Investments (ARPPI).
The agreement was signed by Minister of Foreign and Caricom Affairs, Dr Amery Browne, on behalf of the Government and Shirley Ayorkor Botchwey, Minister of Foreign Affairs and Regional Integration, on behalf of the Government of Ghana.
The signing ceremony was held in New York on the margins of the high-level week of the 79th Session of the United Nations General Assembly.
In a statement, the Ministry of Foreign and Caricom Affairs said the agreement marks a significant milestone in the relationship between both countries, solidifying T&T’s partnership and laying a foundation for deeper collaboration and diversification of the existing solid political relations, fostering economic growth, by incentivising the expansion of trade and commercial relations between the two countries by the respective private sectors.
Trinidad and Tobago has long-standing historical and cultural relations with Ghana, which have grown considerably over the years, the ministry said in the statement, adding that Ghana is a gateway to West Africa and has a population of approximately 34 million people.
The ministry said Ghana is currently one of Trinidad and Tobago’s top ten trading partners on the African continent, offering a wealth of opportunities for expanded collaboration. Key sectors such as manufacturing, maritime logistics, business process outsourcing, hotel and resort development, and agro-processing present significant potential for deepening economic partnerships and fostering growth.
At the signing ceremony, Minister Browne highlighted the important work done by the Ministry of Trade and Industry under the leadership of Minister Paula Gopee-Scoon.
The signing of the agreement complements the assiduous efforts of the Government of Trinidad and Tobago to create a conducive environment to attract investment and to further stimulate economic growth, said the ministry.
Gopee-Scoon led a 50-member delegation to Ghana comprising the business community and government agencies in March. During the visit, she met with His Royal Majesty Asantehene Otumfuo Osei Tutu II, King of Ashanti Kingdom of Ghana. The Ghanaian king was the guest of honour at T&T’s Emancipation Day celebrations in 2023.
In May, Prime Minister Dr Keith Rowley met with Ghana’s president Nana Akufo-Addo during a visit to the West African country. Among the issues raised in those discussions was the imminent finalisation of a natural gas deal between the countries.
The agreement signed yesterday provides the necessary investment framework to support and protect new investments between both T&T and Ghana. It enables investors from both countries to engage in investment activities with confidence, as it guides the expected behaviour of investors and ensures that the rights of investors and States are protected, said the Ministry of Foreign and Caricom Affairs.
The agreement also offers protection such as fair and equitable treatment and protection against expropriation, and establishes mechanisms for resolving investment disputes.