Tag: trade
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Cabinet approves new standards bill; ready to be laid in coming weeks – Alan Kyerematen
Cabinet gave approval for the new standards bill to be presented to Parliament for consideration and passage, Trade and Industry Minister-designate Alan Kyerematen told the vetting committee last Friday. The bill which replaces the Standards Authority Act 1973 (NRCD 173) will empower the Ghana Standards Authority (GSA) to destroy seized substandard goods while introducing stricter…
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Ghana-UK finalize negotiations on new interim Trade Partnership Agreement
Ghana and the UK have successfully completed negotiations on the new interim Trade Partnership Agreement between the two countries. The new agreement will take effect immediately both countries finalize on their internal procedures to accommodate the concessions. As part of the new agreement, Ghana will get duty-free and quota-free access to the UK market while…
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Adverse impact of COVID-19 causes decline in exports and imports – BoG data
Latest data from the Bank of Ghana’s Summary of Macroeconomic and Financial Data for January 2021, indicate that the country’s external sector continues to suffer adversely from the impact of the novel coronavirus pandemic. According to the data, the value of the country’s total exports decreased to 1.4 billion dollars in 2020, from the $1.5…
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Ghana’s overall exports and imports decline due to poor oil performance
The value of Ghana’s total exports decreased to 9.6 billion dollars in the first eight months of 2020, from the 10.6 billion dollars recorded in the same period last year. This is contained in the Bank of Ghana’s Summary of Macroeconomic and Financial Data for September 2020. The report also showed a decrease in total…
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#CitiBusinessFestival: African countries urged to industrialize to make AfCFTA successful
Regional Corporate Director for Africa at Absa Bank, Ellen Ohene-Afoakwa, has urged policymakers and the business community across the continent to implement policies that can boost industrialization if the African Continental Free Trade Area (AfCFTA) is to be successful. According to her, African countries must prioritize, develop, and implement smarter local strategies to seize the…
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#CitiBusinessFestival: Final virtual forum to focus on trade today
The last of the four virtual business fora for this year’s Citi Business Festival is scheduled to come off today, Tuesday, June 23, 2020 on Citi TV. Under the theme ‘Will export/import trade ever be the same again?’, the virtual business forum will discuss key areas of trade to suggest solutions to keep the sector…
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#CitiBusinessFestival: Ofosu-Dorte urges African businesses to adopt ‘AfCFTA strategy’ post COVID-19
A Senior Partner at AB & David, and a member of the Afrochampions Initiative, David Ofosu-Dorte, has urged businesses across the African continent to adopt an African Continental Free Trade Agreement (AfCFTA) strategy post COVID-19. According to him, the way businesses prepare for AfCFTA, would determine how much they would benefit from the initiative and…
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GUTA warns of possible hikes in prices of goods as Chinese imports slows
Prices of some goods on the Ghanaian market may increase within the next two months if no solution is found to curtail the spread of the Coronavirus which originated from China, an economic powerhouse. That’s according to the Ghana Union of Traders Association, GUTA, whose members are unable to import goods from China due to…
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GUTA hopeful of border reopening ahead of an announcement by Nigeria
The Ghana Union of Traders Association (GUTA), says it is looking forward to the opening of the Nigerian border for trade activities to return to normalcy. The Nigerian government in August last year closed its borders to Benin and by extension, other West African countries, as part of measures to prevent the smuggling of cheap…
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Freight Forwarders refute cheaper UNIPASS cost claims
Opposition to the proposed introduction of a new company to undertake trade facilitation activities at the ports has intensified with Freight Forwarders being the latest group. The businesses tell Citi Business News, the removal of GCNet and West Blue from the goods clearing process, will cost the nation hugely due to non-expired contracts with them.…