Barbados, Ghana explore business opportunities

Trade and investment relations between Ghana and Barbados has received a further boost with the signing of a partnership agreement between an indigenous Ghanaian firm and its counterpart from Barbados.

Indigenous Transformation Technology Company,, signed the Memorandum of Understanding (MoU) with Global Integrated Fintech Solutions (GIFTS) of Barbados to leverage on existing platforms to boost e-commerce within the two countries.

The signing took place on the sidelines of a business-to-business investment summit organised by Invest Barbados (The Investment Agency of Barbados).

The Chief Executive Officer (CEO) of, Nana Bambara- Abban, signed on behalf of the Ghanaian company while the founder of GIFTS, Mr Dave Sahadathn, appended the document for his company.

Nana Bambara-Abban explained that the company had payment and shopping platforms in Ghana and its Barbados counterparts also had a similar system and, therefore, integrating the two would boost e-commerce delivery on the continent.

“We are doing similar things in different regions but now, we can come together to do similar things to continue to boost the south-south relationship. We are integrating the two companies in terms of technology.

“We have a shopping platform and a payment platform (SokoPay) for the whole of Africa. GIFTS has something similar and we are bringing the two together,” he said.

The partnership

The Ghanaian partnership with the Barbados counterparts will allow customers to buy goods immediately across the continent of Africa and the Caribbean.

Again, customers will now have access to affordable credits of US$1,000 dollars or less in their mobile wallet on their mobile phone devices using artificial intelligence to qualify for credit. This is a first for Africa and the Caribbean.

“Entrepreneurs who do not have access to online e-commerce can now showcase and sell their goods to the world using this e-commerce platform,” he said.

The Prime Minister of Barbados, Miss Mia Amor Mottley, reiterated the need to leverage opportunities with countries with similar vision and purpose to boost trade on the continent

Need to boost trade

The CEO of the Ghana National Chamber of Commerce and Industry, Mr Mark Badu-Aboagye, stressed the need to boost trade between the two countries.

He said although a Double Taxation Agreement (DTA) was signed between the two countries in 2008, it had not translated into growth, hence the need to take pragmatic efforts to boost trade and drive growth.
Mr Badu-Aboagye noted that there was huge potential for trade, jobs and investment and that must be fully explored.

The seminar

It explored mutually beneficial opportunities for the two countries, particularly in financial services, medical tourism, wealth management, renewable energy,

Information and Communication Technology (ICT), insurance, global education and Financial Technology (fintech).

The CEO of Invest Barbados, Ms Kaye Brathwaite, said Barbados was open for business as international business remained on top of the agenda.