Kenya, Ghana push stronger business ties to boost bilateral trade

Kenya and Ghana are seeking to deepen economic cooperation through stronger private sector partnerships as part of broader efforts to strengthen bilateral trade and investment between the two countries.

This emerged during a courtesy visit by Ghana’s High Commissioner to Kenya Paul Evans Aidoo to Oya Micro Credit Kenya in Nairobi, where discussions centred on the role of businesses in supporting economic growth and expanding opportunities for entrepreneurs across Africa.

Speaking during the visit, the envoy said governments alone cannot drive economic development and must work closely with private sector players that support entrepreneurs and small enterprises.

“We are aware that as governments we are supposed to ensure our people are okay in terms of business and livelihoods, but governments cannot do everything. That is why we partner with businesses,” he said.

The High Commissioner noted that microfinance institutions such as Oya Micro Credit are helping bridge the financing gap by providing credit to small and medium enterprises (SMEs), enabling more entrepreneurs to start and expand businesses.

He said the Ghana mission visited the company to understand its operations and share lessons with businesses and policymakers in Ghana.

“We came here to see how they operate and the modalities they use so that we can also share this experience with our friends and government in Ghana,” he said.

The envoy added that strengthening trade and investment ties between Kenya and Ghana builds on the historical relationship between the two countries, which dates back to the independence era led by founding leaders Kwame Nkrumah of Ghana and Jomo Kenyatta of Kenya.

He however noted that logistical barriers continue to slow trade between East and West Africa, pointing out that goods exported between the regions often pass through Europe before reaching their final destinations.

“These are some of the barriers affecting trade among African countries,” he said.

Wycklife Ochola, Chief Executive Officer of Oya Micro Credit Kenya, said the company focuses on lending to SMEs, which account for nearly 70 percent of businesses in Kenya.

He noted that the firm has been operating in Kenya for four years and has expanded its presence across Nairobi Metropolitan, Mombasa, Nyanza, western Kenya and parts of the North Rift region.

“Our focus is to support small businesses that are the backbone of the economy and help them grow through access to credit,” he said.

Oya Micro Credit board chair and co-founder Kobi Awuah said cross-border investments between African countries can help strengthen economic growth and create jobs.

He noted that the company expanded from Ghana into Kenya five years ago as part of efforts to tap into opportunities in East Africa.

“I came to Kenya as a Ghanaian entrepreneur because I saw the market as a great opportunity. Kenyan businesses should also consider investing in Ghana because we are one family,” he said.

He added that stronger economic partnerships between the two countries would help realise the vision of deeper African integration championed by the continent’s founding leaders.