Ms Liz Truss (left), UK Secretary of State for Worldwide Commerce, and Mr Peprah Ampratwum, Ghana’s Performing Excessive Commissioner to the UK, displaying copies of the settlement
The federal government signed an Interim Commerce Partnership Settlement (TPA) with the UK (UK) to assist commerce relations between the 2 international locations when Britain and Northern Eire depart the European Union (EU ).
The deal, which permits as much as £ 1.2 billion in commerce between the 2 events, replaces the interim Ghana-EU Financial Partnership Settlement (EPA), which ruled commerce relations between Ghana, however ceased to use in the UK on December 31, 2020..
The brand new commerce framework supplies duty-free entry for Ghanaian exports to the UK market and improves the competitiveness of native industries. It could additionally enhance the enterprise atmosphere in Ghana by way of growth cooperation between the 2 international locations.
Negotiations between the technical groups of the 2 international locations for the brand new commerce framework started in March 2018, with the 2 international locations reaching a consensus on the essential components of the brand new settlement.
Ghana’s Performing Excessive Commissioner to the UK Mr Peprah Ampratwum signed on behalf of the federal government, whereas UK Secretary of State for Worldwide Commerce Ms Liz Truss signed on behalf of the UK on Tuesday newest.
The Minister-designate for Commerce and Business, Mr. Alan Kyerematen, attended the signing ceremony through Zoom.
The deal is predicted to facilitate a number of financial transactions in a tariff-free bundle, masking bananas, canned tuna, cocoa and different associated merchandise.
The reciprocal partnership may even see the UK profit from tax reduction from 2023, when it may possibly export equipment, chemical substances and different electronics to Ghana.
Mr Kyerematen stated the brand new settlement reaffirms the deep curiosity of Ghana and the UK in strengthening their long-standing commerce and financial relationship because it units a brand new framework for Ghana-UK for sustained financial development within the nation.
“The settlement additionally displays the significance that the UK and Ghana connect to integration amongst West African states within the context of the Financial Neighborhood of West African States ( ECOWAS) and amongst African states within the context of the African Continental Free Commerce Space (AfCFTA). ,” he added.
The minister-designate expressed hope that the brand new settlement would lay the groundwork for negotiating a free commerce settlement between the UK and ECOWAS to advertise regional integration, financial cooperation and good governance within the sub-region and likewise enhance intra-regional commerce.
“I imagine the brand new settlement will additional assist Ghana’s financial and sustainable growth agenda by bettering the nation’s export potential and diversification,” he added.
Mr. Kyerematen additional expressed his perception that the settlement would complement the federal government’s precedence insurance policies and initiatives, particularly its industrial transformation program, and a nationwide export growth technique which he stated are designed to spice up industrial manufacturing. and strengthen export growth.
The Minister-designate thanked the British authorities for its lively assist for Ghana’s program to develop strategic base industries to construct financial pillars of development by diversifying the economic system past cocoa and gold.
“I want to point out particularly the assist we now have obtained from the UK authorities for the event of the automotive business in addition to the clothes and pharmaceutical industries,” stated Mr Kyerematen.
He additionally congratulated Ms Truss for her constructive engagement and the pliability she had proven within the negotiations which led to the fascinating end result “we have fun as we speak with the signing of the brand new Ghana-United Kingdom Interim Commerce Partnership Settlement. United”.
“We’ve simply signed a commerce cope with Ghana, constructing on a commerce relationship price £ 1.2 billion,” Ms Truss stated on her Twitter account shortly after the signing.
She stated the deal gave firms the knowledge of supporting jobs in each international locations and likewise paved the best way for nearer commerce ties within the years to return.