President John Dramani Mahama has called for a new phase in Ghana-European Union (EU) relations. He seeks a partnership anchored on trade, investment, innovation, and industrialisation, moving beyond traditional aid and development assistance.
President Mahama spoke at the opening of the 2026 Ghana-EU Partnership Dialogue in Accra on Thursday. He stated that Ghana’s economic recovery is gaining momentum after a difficult period. Evidence includes declining inflation, improving foreign exchange reserves, and renewed investor confidence. The dialogue focuses on vital areas like governance, trade, investment, security, and climate action.
This initiative fits into Ghana’s broader economic strategy to boost productivity and fiscal stability. The country is promoting private sector-led growth. Mahama highlighted the 24-hour economy initiative as a key driver. This initiative aims to transform sectors such as agriculture, manufacturing, logistics, and digital services. It is intended to increase exports and create jobs, aligning with the government's economic recovery plan.
President Mahama stated, “Our objective should not be merely to maintain existing cooperation but to elevate it to a whole new level.” He invited European businesses to Ghana, calling it a strategic gateway to the African Continental Free Trade Area (AfCFTA), which serves a market of over 1.4 billion people. This reflects Ghana's ambition to leverage its geographic and economic position to attract foreign direct investment.
The shift towards a trade-focused relationship has major implications for Ghana's economy. The proposed Cocoa Bill, guaranteeing cocoa farmers 70% of the world market price, could significantly boost farmer incomes. This move also supports the government's commitment to processing at least 50% of Ghana’s cocoa beans locally. This would add value to exports and create more jobs in the manufacturing sector. Such policies directly affect Ghana's agricultural output and export revenues.
Rune Skinnebach, the European Union Ambassador to Ghana, acknowledged Ghana’s economic progress. He reaffirmed the EU’s commitment to supporting Ghana’s growth agenda. Mr. Skinnebach noted that Ghana has exceeded several targets under its International Monetary Fund-supported Extended Credit Facility program. He highlighted the EU’s Global Gateway strategy, which aims to support strategic infrastructure and industrial projects.
However, Mr. Skinnebach also pointed out persistent challenges affecting the investment climate. These include delays in permit acquisition, land registration, customs clearance, and port operations. He also expressed concerns that new e-visa fees for non-African travelers could negatively impact tourism and business travel. Addressing these bottlenecks is crucial for Ghana to fully capitalize on new investment opportunities and enhance its ease of doing business ranking.
The Ghana-EU Security and Defence Partnership, signed earlier this year, exemplifies deeper collaboration. This partnership, the first of its kind between the EU and an African country, has already facilitated over €100 million in support. This support includes equipment, training, and programs to prevent the spread of violent extremism from the Sahel region. Maintaining regional stability is vital for economic development and investor confidence. The EU's engagement on reparatory justice also signals evolving diplomatic relations.