Ghana, Trinidad and Tobago discuss double taxation, bilateral investment

Ghana and Trinidad and Tobago have held talks to establish agreements on double taxation and bilateral investment to increase trade flows and investment in the two countries.

This is after a delegation from the Ghana Investment Promotion Centre (GIPC) and the Ghana Export Promotion Authority (GEPA) visited representatives of Trinidad and Tobago’s Chamber of Industry and Commerce.

Ghana identified key sectors in Trinidad and Tobago, including its manufacturing sector, as prime area for partnerships with Ghanaian Small and Medium-sized Enterprises (SMEs).
Ghana negotiated agreements to have a Trinidad and Tobago steelpan band and masquerades participate in the 2023 edition of “Taste of Ghana” – a festival that showcases Ghanaian art and culture.

Speaking at the meeting, Mr Yofi Grant, the Chief Executive Officer (CEO) of GIPC, pledged Ghana’s resolve to ensure that partnership between the two countries yielded mutually beneficial outcomes.

Mr. Grant said: “For us in Ghana, partnerships for linkages and trade are key because we do have significant raw material for which we want to add value and then export.”

He described Trinidad and Tobago as industrial powerhouse of the Caribbean, therefore, presented opportunities for learning for Ghanaians.
“There is also a lot to trade not only in goods but services, particularly in the oil and gas sector where Trinidad and Tobago seem to have built some capacity and experience…,” he said.

The CEO of GEPA, Dr Afua Asabea Asare, spoke about plans to establish a Ghana Trade House in Trinidad and Tobago, which would focus on the cultural aspect of trade.
She disclosed that plans had been made to export Ghana’s native fabrics and prints into the Caribbean – where there had been considerable demand.

Mr. Kiran Maharaj, the President of the Trinidad and Tobago Chamber of Industry and Commerce commended Ghana for building an economy and business environment that attracted global investment.

He said that several cultural synergies on doing business existed between the two countries, with many benefits, including the exchange of knowledge and expertise, investment opportunities and partnerships.

He promised that the Chamber would remain committed in establishing strong partnerships with Ghana and leverage expertise to boost manufacturing and economic growth in both countries.

To that end, he said the Chamber would conduct an audit of its members that were already doing business in Africa and establish a liaison with GIPC to ensure efficient and effective collaboration.

Ms. Paula Gopee-Scoon, the Minister of Trade and Industry for Trinidad and Tobago, said there were many opportunities for trade and investment for the two countries.
She said the bilateral engagements would engender mutually beneficial partnerships, cultural exchanges and economic growth in both nations and emphasised her country’s commitment to strengthening economic ties with Ghana, and Africa.