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Africa rising! Economic cooperation between Ghana and Nigeria should expect a boost

Economic cooperation between Ghana and Nigeria should expect a boost following an agreement by presidents of the two countries to revive a Joint Ghana-Nigeria Commission.
The two leaders came out of the Peduase Lodge in the Eastern region to announce the resolution after three hours of bilateral talks.
President Muhamadu Buhari is in Ghana for a one-day working visit to cement Ghana’s long-standing friendship with Africa’s most populous country.

Buhari was met by President John Mahama at the Kotoka International Airport.
A throng of Nigerians massed up at the airport under two large banners. Many waved brooms, the party insignia of Buhari’s All Progressives Congress, APC.

The two headed to Peduase Lodge for closed door meeting.

Ghana and Nigeria share among others a common colonial master. Despite having oil deposits, the two countries also have a common energy crisis albeit different in its intensity.
Ghana has been relying on gas from energy-troubled Nigeria to sustain thermal energy sources.
But the supply has been frustrated by troubles in Nigeria’s oil sector. Nigeria, the world’s 5th largest oil producer has an average annual per capita power consumption of only 155 kWh, is among the lowest in the world. In May 2015, only 5 out of 23 power plants in the country were functioning.

But power supply has reported improved after attaining 5,000 megawatts production
Ghana and Nigeria control 60% of trade in West Africa. Trade between the two countries is heavily driven by oil. The trade in the energy raw material stands at 1.43billion dollars.
The volume of the contributions of other sectors is a measly 130million dollars pushing total trade to 1.6billion dollars. But this figure is dwarfed by the volume of trade between Ghana and the European Union stands at 6.5 billion euros.

No details were given on the scope of economic cooperation announced by the two leaders.
Security was also high on the agenda. Nigeria’s insurgency group Boko Haram became a sub-regional problem and grabbed international headlines after capturing more than 200 teenage girls in April 2014.
In Buhari’s estimation the threat of Boko Haram has been virtually limited since he took over power in March.

JoyNews

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