President John Dramani Mahama has stated that Ghana wants to raise its non-traditional export revenue from the present US$3.5 billion per year to at least US$10 billion per year by 2030.
The President stated that value addition, industrial growth, and the removal of long-standing trade barriers will all help to attain this challenging goal.
President Mahama claimed that Ghanaian exporters face significant obstacles, with at least 47% of them having to cope with delays, high expenses, and unnecessary paperwork when exporting. He made this statement in Accra on Monday while he presided over the 19-member Accelerated Export Development Advisory Committee (AEDAC).
“An exporter may need up to 16 different documents just to get a certificate of origin,” President Mahama revealed.
“These inefficiencies cost Ghana US$4.3 billion in export revenue losses every year, according to the International Trade Center.”
President Mahama announced a number of measures the government will implement to improve the situation, including modernizing the ports, reviving the Volta Lake Transport Company, and finishing the inland ports at Mpakadan and Boankra, among other things.
The President expressed confidence that the aforementioned initiatives would lower logistical costs, and he added that going forward, Ghana’s export sector will be dependent on digitalization, creativity, and knowledge-based approaches.
“Our future exports will not just be about cocoa and gold. We must also sell our innovations to the world,” he reiterated.
In an effort to promote domestic manufacturing, he proposed subsidies for companies, quicker certification for exporters, and performance-based tax refunds.
“We want a Ghana that earns more than it borrows. A Ghana that processes more than it exports raw,” the president emphasized.
Through the implementation of the 24-Hour Economy agenda, the project seeks to increase Ghana’s export base, boost foreign exchange revenues, and stimulate economic growth.
In order to promote value addition, boost non-traditional exports, and diversify export markets, the committee’s mandate calls for offering strategic direction, encouraging innovation, and bolstering public-private collaborations.
The Committee also includes Dominic Ayine, Attorney-General; Gen. Paul Seidu Tanye-Kulono; Anthony Kwasi Sarpong; Gerald Nyarko Mensah; Elizabeth Ofosu Adjare, Trade; Emelia Arthur, Fisheries; Eric Opoku, Food and Agriculture; and Augustus Goosie Tanoh, Presidential Advisor, 24-hour economy policy.
Drs. Eben Anuwa-Armah, Akushika Andoh, Kwesi Korboe, Davies Narh Korboe, Sampson Asaki Awingobit, Humphrey Darkeh, Jacob Ainoo Ansah, Gabriel Opoku Asare, and Prof. John Gatsi are the remaining individuals.
Source: newsthemegh.com