In a quest to increase export trade values, the Ghana Export Promotion Authority (GEPA) has held a workshop to undertake a nationwide export improvement method.
This is predicted to improve Ghana’s productive participation within the multinational buying and selling procedure so as to also raise revenues from non-common export.
Talking at the 2nd Countrywide Export Progress Approach Formulation workshop in Ada, CEO of GEPA, Afua Asabea Asare, spelled out that the goal for this new strategy is to, between other issues, complement government’s industrialization agenda.
“Government’s motivation to growing and transforming Ghana’s export economy is also very clear. It is for this explanation that the trade minister asked for for the assessment of the Countrywide Export Approach, which had expired, to involve Government’s industrialization agenda,” she pointed out.
With this new tactic, GEPA has set “an formidable export earnings focus on that have to mirror what Ghanaians yearn for in buy to make the Ghanaian financial system genuinely export-led.”
Trade Minister, Alan Kyeremanteng, outlined some locations the technique will protect. These contain export finance, technological know-how and innovation, trade amount, price addition, product or service high-quality and packaging, collection of competitive items to be produced and promoted, market place access, potential making, export trade facilities, intercontinental expectations and laws as properly as export worth chain enhancement.
According to Mr Kyeremanteng, “the strategy will prescribe actions which will empower Ghana leverage on and just take gain of the No cost Trade Agreements these as the Africa Progress and Chance Act (AGOA) with United states of america and the Economic Partnership Settlement (EPA) with the European Union (EU) which guarantees Ghana’s export products enter into these marketplaces responsibility totally free and quota free of charge as effectively.”
Documents from the Financial institution of Ghana present that Ghana’s overall export greater from $10.61 billion dollars in 2016 to $14.86 billion dollars in 2018. The country imported $11.36 billion, $12.65 billion and $13.09 billion worthy of of products and services from its investing associates in 2016, 2017 and 2018 respectively.
Ghana’s 2018 trade knowledge, even so, exhibits that the region recorded a trade surplus of $1.78 billion in 2018. This translated into 2.7 for each cent of the country’s GDP for 2018.