Côte d’Ivoire: First country in West and Central Africa to issue ESG Samurai Bonds

James Koffi
Accra, Ghana
May 09, 2025

I n early May 2025, Ghana and Algeria signed a visa waiver agreement, which allows Ghana and Algeria passport holders to travel without the hassle of obtaining visas. This agreement aims to strengthen diplomatic and economic ties, free movement of people, and enhance cooperation between the two nations. Foreign Minister Ahmed Attaf of Algeria and Ghana’s Minister for Foreign Affairs, Samuel Okudzeto Ablakwa, formalized the agreement during an official visit to Algiers.

Diplomatic relations and cooperation

Ghana and Morocco established diplomatic relations in June 1960. Since that time, the Moroccan Government and administered by the Moroccan Agency for International Cooperation (AMCI) has contributed to the bilateral relations. Trade exchanges, foreign direct investments (FDIs) and education have deepened the relations between the two countries. Over the past two decades, over 500 Ghanaian youth have gained AMCI scholarships. They have undergone training in medicine, nursing, dentistry, economics, engineering, in Moroccan universities.

Investments

In January 2023, Morocco and Ghana established a double taxation treaty. The goal of this treaty is to fighting tax evasion, while preventing double taxation tradable goods between both countries. The treaty offers clarity on tax implications for businesses. Major Moroccan companies operating in Ghana include Morocco’s BMCE Bank, cement manufacturing company Ciment de l’Afrique (CIMAF) and the Addoha real estate group. Another large company is the fertilizer manufacturing giant Office Cherifien des Phosphates (OCP). In 2023, Morocco’s furniture distribution enterprise, KITEA, started operations in Ghana’s capital, Accra.

Trade

In 2023, Ghana exported US$7.12 million to Morocco. The primary products that Ghana exported to Morocco were mollusks (US$1.66 million), bran (US$1.57 million), and cocoa powder (US$786 thousand). Over the past five years, exports from Ghana to Morocco have decreased from US$8.28 million in 2018 to US$7.12 million in 2023 (2.97 percent). Export from Morocco to Ghana increased 3.14 percent during the same period.

In 2023, Morocco exported US$135 million to Ghana. Morocco exported refined petroleum (US$52.4 million), non-fillet frozen fish (US$28.1 million), and processed fish (US$14.1 million). Over the past five years, exports from Morocco to Ghana have increased from US$116 million in 2018 to US$135 million in 2023¹.

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