Ghana – Turkiye vows to ratify DTAA to boost investment, bilateral trade

Ghana and Turkiye are seeking to soon ratify a Double Taxation Avoidance Agreement (DTAA) signed by both countries to boost investment and bilateral trade.

A DTAA is a tax treaty signed between two or more countries to help taxpayers avoid paying double taxes on the same income and is applicable where an individual is a resident of one nation, but earns income in another.

The Minister of Foreign Affairs and Regional Integration, Shirley Ayorkor Botchwey and the Minister of Foreign Affairs of the Republic of Turkiye, Mevlut Cavusoglu made the commitment during a courtesy by the latter on the Minister in Accra yesterday.

The visit formed part of a three-day tour of selected African countries by Mr Cavusoglu to deepen bilateral and economic ties.

Ms Botchwey addressing journalists after a close-door meeting with her counterpart said Ghana was open to direct investment by Turkish business for mutual benefit.

She invited the Turkish government to take advantage of the over 1.3 billion market offered by the African Continental Free Trade Area (AfCFTA) to increase bilateral and intra-Africa trade.

The minister underscored government’s focus on stabilising and transforming the economy to create jobs and prosperity for the citizenry.

She mentioned key focus areas including agriculture, manufacturing, technology, education and energy sectors and invited Turkish businesses to explore investment opportunities therein.

Singling out security issues, Ms Botchwey called on the government of Turkey to support Ghana in its advocacy on security issues as a non-permanent member of the United Nations Security Council and especially under its chairmanship of the Council next month.

“We in Ghana note the need to cooperate in initiatives to promote peace, security and human rights, conflict resolution, the fight against terrorism, drug trafficking, human trafficking and enhancing global peace and security for sustainable and inclusive development.”

She expressed commitment to further deepen bilateral and multilateral relations with Turkiye for the development of their people.

Mr Cavusoglu expressed his country’s readiness to review opportunities and strengthen bilateral ties with Ghana.

“We hope to promote investment and establish trade ties with Ghana to increase our trade volumes to at least one billion dollars by next year,” he stated.

With regards to security, the minister promised to share expertise with Ghana to enhance border security and reduce threat of terrorism.


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