On the heels of the recent state visit to Guyana by the President of Ghana, the Georgetown Chamber of Commerce and Industry today signed a Memorandum of Understanding with the Guyana-Ghana Chamber of Commerce.
The agreement seeks to provide the platform for cooperation between the two chambers in the area of trade and business development and opportunities.
President of the Georgetown Chamber of Commerce, Nicholas Boyer, explained that the Chamber sees a potential trading partner in Ghana.
According to Mr. Boyer, “this initiative, this MoU will form the basis on which the Guyana-Ghana Chamber of Commerce and the Georgetown Chamber of Commerce and Industry can share information and allow our members to make connections and start to do market research so that business can develop”.
Boyer added that Guyana will examine various business opportunities and not just those limited to the oil and gas sector.
Ghana is one of the largest oil producers in Africa.
The Memorandum of Understand has a 2-year lifespan. The Executive Secretary of the Guyana-Ghana Chamber of Commerce, Nuertey Adzeman said both countries stand to benefit from the agreement.
He noted that when Ghana got involved in the oil industry, it was the business community that worked together even as the politicians offered policies.
“What we seek to do basically, is to be the conduit for which both countries are going to explore avenues for doing business and facilitating trade and the movement of goods and persons”, the Ghanian official said.
He added that it will be important for the two sides to share information and Guyana should not limit itself to where it accesses information from as it moves into the oil and gas sector.
Mr. Adzeman said based on his country’s experience, it will be good for there to be a good regulatory body for the oil and gas sector, pointing out that there should be clear regulations that address local content and other issues related to oil and gas management.
The GCCI has indicated that the MoU goes into effect immediately but will likely become operationalized within two weeks.