The signing of the agreement, witnessed by the Vice-Presidents of Ghana and Guyana, is the culmination of several months of high-level collaboration between the two countries, including a three-day official visit to Ghana by the Vice-President of Guyana, Dr Bharrat Jagdeo.

Ghana’s Deputy Minister of Foreign Affairs and Regional Integration, Mr Thomas Mbomba, signed on behalf of Ghana, while the Guyanese Minister of Foreign Affairs and International Cooperation, Mr Hugh Hilton Todd, signed for the Co-operative Republic of Guyana.

There were also memoranda of understanding (MoUs) in the petroleum and the investment promotion sectors which were signed in Georgetown, Guyana, last Tuesday at the end of a three-day official visit to Guyana by the Vice-President, Dr Mahamudu Bawumia.

Significance

Among others, the framework agreement will contribute to the development of resources in both countries.

The agreement includes the exchange of information, professional training through programmes of visits or specialised courses by granting scholarships for technical and professional specialisation, implementation of joint technical co-operation in areas of mutual interest, exchange of professionals and technicians, supply of equipment and materials needed for the implementation of specific projects and any other form of co-operation to be agreed upon by the two countries.

It is valid for a period of five years and shall be renewed automatically for successive periods of equal duration unless the parties mutually agree otherwise or either of them terminates it in accordance with the provisions of the agreement.

Petroleum Pact

Under the Petroleum Pact, Ghana’s Petroleum Commission and the Ministry of Natural Resources of Guyana agreed to work with each other in furtherance of the framework agreement.

The scope of collaboration they will agree upon may include legal, fiscal and technical support services, non-technical support and assistance and any other petroleum-related area.

Ghana’s Petroleum Commission is to use its expertise and resources to support Guyana to develop its national competencies to enable it to manage its petroleum sector efficiently and also evaluate and establish future partnership opportunities with the commission and other relevant entities in Ghana.

GIPC

The Ghana Investment Promotion Centre (GIPC), on the other hand, agreed to work with its Guyanese counterpart to create conducive relations and promote trade and investment activities in each other's country.

The two parties also agreed to set up information sharing mechanisms to facilitate regular exchange of information on economic and trade developments in their respective countries, including laws and regulations, policy measures, industrial standards and trends, market analysis reports, exhibitions and forums, trade leads, as well as investment projects in both countries.

The two also agreed to, among others, organise business, trade or investment delegations to each other’s country, support, facilitate or assist similar visiting business, trade or investment delegations organised by each party.

They will also co-host agreed mutually beneficial events, including economic and trade policy dialogues between relevant government agencies and business delegations in Ghana and Guyana.