Ghana-Panama target expansion in cocoa trade, mining and maritime cooperation in new bilateral deal

• Ghana and Panama have signed an MoU to formally begin bilateral political consultations.

• The agreement focuses on maritime affairs, cocoa production, trade and technical assistance in the extractive sector.

• Ablakwa also joked about Ghana's 1-0 World Cup victory over Panama during the diplomatic engagement.

Ghana and Panama have signed a Memorandum of Understanding (MoU) to formally begin bilateral political consultations, with both countries seeking to deepen cooperation in trade, cocoa production, maritime affairs and the extractive sector.

READ ALSO: Korle Bu begins work on 400-bed Mother and Child Block: See full list of facilities to be included

Ghana’s Minister for Foreign Affairs, Samuel Okudzeto Ablakwa, signed the agreement with his Panamanian counterpart, Javier Eduardo Martínez-Acha Vásquez, on the sidelines of the United Nations General Assembly in New York.

He said the agreement is intended to give the two countries a more structured way of working together.

READ ALSO: ECG announces power outages in 3 Regions; See affected areas

As the second largest cocoa producer in the world, cocoa remains an important part of Ghana’s economy. Panama on the other hand is strategically important in global maritime trade because of the Panama Canal, one of the world's major shipping routes.

The agreement also provides for mutual technical assistance in the extractive sector like mining, creating room for the two countries to share expertise and strengthen cooperation in an area important to their economies.

READ ALSO: Full list: Ghanaian Presidents and the Senior High Schools they attended

The deal comes as Ghana continues to use its diplomatic engagements at the UN to strengthen bilateral relations and explore areas for economic and technical cooperation. Ghana has also been pursuing closer international cooperation in maritime security and trade as part of efforts to expand the country's economic links.