GHANA TO DEVELOP OPEN, TRANSPARENT, DYNAMIC TRADING ECONOMY

ACCRA, Ghana will fully capitalise on the implementation of the Trade Facilitation Agreement under the World Trade Organization (WTO) to develop a truly open, transparent and dynamic trading economy, says Trade and Industry Minister Alan Kyeremanten.

Speaking at a conference on the Ghana National Single Window Programme and the WTO Trade Facilitation Agreement here Tuesday, he said the government would redouble efforts in export development and use the WTO agreement to develop new market opportunities and support programmes for traders.

Trade facilitation is a cornerstone of the government’s trade and economic development agenda. We believe it will greatly assist Ghana in reaching our full potential as a leading trading nation, both regionally and globally, and that this in turn will create strong earnings and employment growth within the country, he added.

Ghana is one of the original signatories to the WTO Trade Facilitation Agreement, which has come into force. The WTO has estimated that the agreement will generate more than one trillion US dollars in benefits annually and that the majority of these benefits would accrue to developing economies.

Kyeremanten said the introduction of the Ghana National Single Window programme was facilitating the ease with which the country’s companies could compete in global and regional markets. It reduces the time and cost of trading across borders and ensures predictability in delivering goods to markets and also promotes transparency and enhances government revenue mobilization through increased compliance and enhanced economic performance.

He said these developments were all part of the government’s ambition to fundamentally change the way Ghana works with and regulates international businesses in the country by providing an enhanced business regulatory environment. The government, he added, would eliminate all unnecessary processes, simplify and harmonise other processes, and deliver a fully integrated and automated all-of-government services to Ghana’s businesses, its partners in economic development.

Kyeremanten said that as the Ghana National Single Window project unfolded over the next three years, the government expected to achieve an overall reduction in the administrative time and cost of trading internationally by 50 per cent to 25 per cent.

In addition to the positive impact on competitiveness and employment growth, he said the achievement would make Ghana more attractive to foreign investment as transparency, predictability, time and cost were the key factors in the location decisions of export-oriented businesses.

Source: NAM NEWS NETWORK