Ghana, Italy to deepen relations

Ghana and Italy have resolved to deepen their bilateral relations, as well as explore areas of interest that will mutually benefit citizens of the two countries.

Taking the relations between the two countries to another level was a major highlight of a joint press conference at the Presidency addressed by President Nana Addo Dankwa Akufo-Addo and the visiting Italian Prime Minister, Mr Paolo Gentiloni.

President Akufo-Addo observed that relations between Ghana and Italy went many years back and recalled the involvement of Italian companies in the construction of the Akosombo and the Kpone dams, as well as the Tema Oil Refinery.

Former Presidents J.A. Kufuor and John Dramani Mahama visited Italy in 2006 and 2015, respectively, and President Akufo-Addo said the two visits “really broke the barriers, allowing us to establish even stronger links”.

The Italian Premier’s one-day visit, the President observed, was “within the context of this strong relationship that is between our two countries”.

Italian investment

Currently, Italy’s biggest investment in Ghana is the March 2016 operatorship of the Cape Three Points Block 4 exploration licence ENI was awarded.

The Offshore Cape Three Points (OCTP) is an integrated oil and gas development project, being a major contribution to access to energy in Ghana.

President Akufo-Addo acknowledged the contribution of ENI to Ghana’s development, saying “the training and investment between our countries is modest but is important and the biggest investment in our nation for over a decade is that which has been made by the Italian state-owned petroleum company, ENI”.

“The ENI investment is extremely important for the future of our country, not only in developing our oil deposits but also, perhaps, even more significantly, in the gas resources that are going to be developed by them,” he said

The President said ENI’s investment gave the country the opportunity to become increasingly self-sufficient in energy generation, adding: “We are looking forward to greater intercourse with ENI that will allow us to go into other areas of the energy portfolio.”

On the upcoming fifth AU-EU summit, which will take place in Cote d’Ivoire from November 29, President Akufo-Addo said he was hopeful that it would define more concretely the relationship between the two continents.

“Looking at issues of common concern, the development of our economy, the issue of migration, issues of terrorism that confront both our continents, it is my expectation and hope that both Ghana and Italy will play very constructive roles tomorrow in defining this new understanding, this new relationship between Europe and Africa,” he added.

Trade flow

Ghana-Italia trade hit 700 million Euros in 2015.

While oil represents 85 per cent of Italy’s total import from Ghana, it also imports refined oil products, spices and pharmaceutical herbs, fish, tropical fruits, veneer sheets and wood-based panels, aluminium and timber.

Ghana’s imports from the European country include mainly earth-moving machines, special-purpose machinery for the plastic and rubber industry and automobile.

Currently, about 150 Italian companies are established in Ghana, working in different sectors, from oil and gas, shipping, agriculture to construction

The Italian government has, since 2004, granted loans amounting to 30 million euros through the GPSDF to support the private sector and 20 million euros has so far been disbursed to 54 companies in Ghana.