Nana Ama Dokua Asiamah-Adjei, Deputy Minister for Trade and Industry, has commended the Compete Ghana Programme for being instrumental in promoting innovation, enhancing competitiveness, and creating a conducive environment for businesses to thrive.
She said the Ministry had seen remarkable achievements and progress in various sectors and that the partnership forged between Ghanaian and European Union (EU) Enterprises and investors had not only led to the transfer of knowledge and skills but, ‘It has also paved the way for mutually beneficial collaborations that will sustain well beyond the conclusion of this programme,’ she added.
The Deputy Minister said this during the closing ceremony of the Compete Ghana Programme under the Ghana-EU interim Economic Partnership Agreement (iEPA) in Accra.
The Compete Ghana Programme is an EU-funded programme designed to contribute to improved economic governance and business environment and to maximise the benefits of the iEPA for Ghana.
Madam Asiamah-Adjei said as a
beneficiary Ministry, they were delighted to witness the successful completion of the impactful initiative that had strengthened the bonds of friendship and economic cooperation between Ghana and the EU.
She said the exchange of knowledge, skills, and experiences under the Compete Ghana Programme had strengthened economic ties between Ghana and the EU, and laid the foundation for lasting relationships, partnership, and mutual understanding.
Madam Asiamah-Adjei said the Programme had been a testament to the power of partnerships, where the EU and Ghana had joined hands to foster economic growth, enhance trade capabilities, and create sustainable development opportunities.
‘The programme has revealed the impact of empowering businesses, encouraging and promoting entrepreneurship, and facilitating cross-border cooperation,’ she stressed.
Mr Irchad Razaaly, EU Ambassador to Ghana, in a speech read on his behalf by Mr Raffaele Quarto, Trade Counselor, EU, said with the inception iEPA between the EU and Ghana i
n 2016, Ghana’s duty-free and quota-free access to the EU market was legally cemented.
He said the agreement ensured stability, predictability and legal certainty for economic operators trading between the EU and Ghana and gave enormous opportunities for Ghanaian exporters, as the EU market was estimated at over pound 2 trillion.
Mr Razaaly said since EPA entered into force, Ghana’s total exports grew exponentially and almost doubled, from pound 9.5 billion to pound 17,6 billion in 2022.
He said the EU was consistently Ghana’s second trade partner with trade exchange value of around pound 4.2 billion in 2022, where Ghana exported pound 2 billion worth of products to the EU and imported pound 2.2 billion worth of transformed goods, useful for the industrialisation of the country.
‘Over the last decade, trade flows have both increased, and diversified, from raw materials to increasingly processed products. The potential of this Agreement is unmistakable, and its opportunities are concrete,’ the EU Ambassado
r to Ghana added.
Mr Nicholas Gebara, Team Lead, Compete Ghana Programme, said the Programme had been working a lot on the capacity building of public and private institutions and agencies, which has yielded lots of results.
He said one major challenge they observed from Ghanaian exporters was that they could not meet the larger orders from the EU because exporters, particularly SMEs were relatively producing small quantities.
The Team Lead encouraged more collaborations between the private sectors in different fields to help one another in such times.
Mr Gebara said the Ministry of Trade and Industry has an advisory council and technical working groups, working on the coordination among the different institutions to be able to continue with guidance and continue developing policies that are business friendly.
Source: Ghana News Agency
