Tag: trade
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GEPA poised to achieve over $4bn target for non-traditional exports
The Chief Executive Officer (CEO) of the Ghana Export Promotion Authority (GEPA), Dr. Afua Asabea Asare, has stated that the authority is poised to achieve its over $4 billion target for Non-Traditional Exports (NTEs) for the country. NTEs are defined by the GEPA as all products other than cocoa beans, logs and lumber, unprocessed gold,…
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Suspension of permits for new cement factories to boost local manufacturing sector
Government has explained that, the suspension of permits the construction of new factories for the manufacturing and bagging of Portland cement in the country will boost confidence within the local manufacturing sector. According to government, the temporary ban will create a coordinated mechanism for regulatory institutions to issue permits before the authorization of construction works.…
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Ghana’s 2022 imports exceeded exports by GH₵4.5bn
Ghana faced a notable trade imbalance in 2022, as indicated by the inaugural Trade Vulnerability Report from the Ghana Statistical Service. The report reveals that the country’s imports exceeded its exports by GH₵4.5 billion, underscoring a significant economic challenge. The most striking contrast emerged in September, during which imports surpassed exports by over GHS4 billion.…
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Afreximbank to establish African Quality Assurance Centres across Africa
As part of moves to strengthen intra African trade and ensure that goods and services exchanged on the continent meet global standards, the African Export and Import Bank (Afreximbank), in collaboration with key stakeholders is rolling out African Quality Assurance Centres. The centres when fully activated will not only boost trade within the African Continent…
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DDEP: Economist urges government to strengthen industrialization policies
Economist and currency analyst at GCB Capital Limited Courage Boti is urging government to strengthen its industrialization policies as it moves to negotiate with China for debt forgiveness. He demystifies perceptions that China may seize the opportunity to take over the local industries if the negotiations are successful. However, Finance Minister, Ken Ofori-Atta, has disclosed…
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Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia
Vice President, Dr. Mahamudu Bawumia, has reiterated the need for a regional approach to enhance the competitiveness of Africa. According to him, this will help create conditions that are conducive to increase trade investments on the continent and ensure higher economic growth. Addressing the 22nd Annual General Meeting (AGM) of the African Trade Insurance (ATI)…
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Stronger collaboration needed to develop non-traditional export sector – Herbert Krapa
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…
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African businesses urged to adopt robust strategies to benefit from free trade agreements
Given the enormous advantages that Free Trade Agreements such as the Africa Growth and Opportunity Act (AGOA) with the USA, the African Continental Free Trade Agreement (AfCFTA) amongst others present, African businesses have been urged to acquire a distinct identity through a well-invested strategy, in order to properly position themselves before competitors, customers, stakeholders, and…
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Ghana-Canada pursue improved trade relations
The Minister for Trade and Industry, Alan John Kyerematen, has advocated for increased trade relations between Ghana and Canada to improve the trade volumes between the two countries. Ghana and Canada have enjoyed close bilateral relations for over a century with relations covering high levels of cooperation in trade, investments and development. Also, trade between…
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Impact of COVID-19 on commodities continues to cause decline in exports
Latest data from the Bank of Ghana’s Summary of Macroeconomic and Financial Data for the period ending February 2021 shows the value of Ghana’s total exports decreased to about 2.5 billion dollars in February 2021, from the about 2.8 billion dollars recorded during the same time in 2020. An estimated 2.2 billion dollars was spent…