Deputy Minister of Trade and Industry, Hon. Robert Ahomka-Lindsey has given hope to the trade and commerce industry as Ghana is weaning itself from donor support and creating an industrial economy.
Speaking at the launch of a New Trade Report; maximizing gains from Ghana’s Trade Partnership by IMANI Ghana, he explained that, the country can not only rely on in-land trade investment to raise capital and grow its economy, but rather, by targeting countries across the globe.
According to him, there is the need to structure and transform the economy so that we can bolster and enhance our trade with other countries.
This he said, can change the dynamics of the market and in achieving such a status, there must be assessment of policies and constructive dialogue amongst government, private sector and Civil Society Organization (CSOs).
The Deputy Minister therefore commended IMANI Ghana for coming out with such a report, at the right time.
The report indicates that, Ghana has not made much gains from the interim EPA agreement, which is evident by the persistent trade deficit over the years as compared to our neighbour Cote d’Ivoire.
However, there has been improvement in the export of cocoa, rubber and processed vegetables.
It further highlighted on the African Growth Opportunity Act (AGOA), presents potential for expansion of Ghana’s export to US, but this opportunity remains largely unexploited.
Meanwhile, there have been increases in trade volumes by 776% from $683 in 2006 to $5.9bn in 2016. In the area of sanitary and phytosanitary measures, Ghana has struggled to meet the standard requirement.
On her part, Ms. Anita Nkrumah, a Research Associate of IMANI Africa, threw more light on the report and the indicated on the need to increase training, to build the capacity of exporters to enhance their ability to source funding.
And also increase the Ghana Standard Authority’s capacity in standards development and establish Ghana Certification Body.