Ghana has been ranked among the top 20 markets with the greatest potential for trade growth by Standard Chartered. Two other African countries, Cote d’ Ivoire and Kenya also made it to the pack.

Standard Chartered in a release said the Trade 20 index demonstrated that while existing trade powers like China and India continued to rapidly improve their potential, smaller trading nations were also making swift progress towards increased trade growth. It said its new research determined each market’s potential for trade growth by analysing changes across a wide range of variables over the last decade. These were grouped into three equally-weighted pillars: economic dynamism, trade readiness and export diversity.

José Viñals, the Group Chairman, is quoted as saying: “The Trade20 index points towards the strong potential of a number of markets outside the China-USEurope trade axis. “With rising protectionism casting a shadow over the future of world trade, it is encouraging that many emerging markets are still improving their trade growth potential for the medium term, forging new regional trade deals to make this happen.

“Markets that are demonstrating the most impressive pace of progress may represent interesting opportunities for corporates seeking new investment, import and supply chain partners.” He added that: “With healthy trade fundamental to economic growth and prosperity, the Trade20 represent the rising stars of global trade: Those with the greatest potential for future trade grow.” This reveals the economies where recent positive developments may point to acceleration in trade growth potential.

Saif Malik, Regional Co-Head, Global Banking, AME, Standard Chartered, said “home to some of the world’s fastest-growing economies, Africa has the potential to become a much bigger player on the global trade stage. Already connected with the trading powers in Asia, particularly China, through the Belt & Road Initiative, and with the launch of the African Continental Free Trade Area, we see numerous growth opportunities for trade and investment in the years ahead.”

He was upbeat that the growing young, digitally-savvy population and an increasing female workforce would aid the continent’s economic transformation. Trade20 examines 12 metrics across 66 global markets – the major global economies plus the major economies in each region – to reveal the 20 economies that are most rapidly improving their potential for trade growth.

While most traditional trade indices are based on a market’s present performance, the Trade 20 index captures changes over time to reveal the markets that have seen the most improvement over the last decade.

Source: GNA