A Deputy Minister-Designate for Trade and Industry, Herbert Krapa, has called for stronger collaboration between the private sector and government to develop the potential of the non-traditional export sector to contribute to the growth of the economy.
Government through the National Export Development Strategy (NEDS), hopes to increase non-traditional exports from the current 2.8 billion dollars to 25 billion dollars in 2029.
Speaking at a stakeholder forum on export trade organised by the Ghana Export–Import Bank, Herbert Krapa also advocated for more deliberate efforts to enhance the productive capacity of exporters in the country.
“Africa’s free trade holds the potential to advance equitable development for all. This cannot be achieved if the private sector is not empowered to export in significant volumes. Thankfully, government has developed a blueprint for a sustained increase in non-traditional exports. The National Export Development Strategy will facilitate a most significant increase in our exports to these markets. I urge stronger collaboration between the Trade Ministry, GEPA, Ghana Exim Bank, GSA, FDA and the private sector for a successful implementation,” he noted.
Herbert Krapa also urged exporters to use duty-free channels to increase exports from Ghana into the global market.
“Our potential for increased exports goes beyond our continent. Our interim Partnership Agreement with the European Union also provides Ghanaian exporters with duty-free quota-free market access into EU markets. The African Growth and Opportunity Act grants sub-Saharan African countries duty-free quota-free access to the United States market for over 9,000 product lines. All put together, AGOA, the economic partnership agreement, the trade partnership agreement and the new kid on the block, the AfCFTA, provide a monumental opportunity for increased exports from Ghana into the global market,” he said.
Over the years, international trade has contributed immensely to the development of Ghana. This is felt in the area of employment, revenue generation and foreign exchange. For nearly two decades, Ghana has recorded a trade balance deficit average of approximately 2.5 billion dollars except for 2017, 2018, 2019, and 2021.
Ghana recorded trade surpluses of 1.81 billion dollars, 2.25 billion dollars and 2.04 billion in 2017, 2018, 2019 and 2020 respectively.
According to the Ghana Export Promotion Authority, Ghana’s non-traditional exports in 2017, 2018, 2019 and 2020 were $2.56 billion, $2.81 billion, $2.91 billion, and $2.85 billion, respectively. – citibusinessnews.com
