Not signing EPA before October risky – Hanna Tetteh

Ghanaian businesses may from October 1, 2016, not enjoy a duty-free and quota-free access to European Union (EU) markets, should Ghana fail to sign the interim Economic Partnership Agreements (EPA) with the EU.

This was disclosed by Foreign Affairs Minister, Hannah Tetteh, at a crucial meeting with businesses on Thursday to discuss Ghana's options.

“The European Union has informed us that, after having had discussions on this subject for really quite a long time, that at this point in time, for those countries and regions that do not have an economic partnership agreement by the 1^st of October, 2016, they will no longer have duty free, quota free market access under the existing market regulations.”

According to the Minister, businesses in the “non-traditional export sector, mainly value added agro-sector exporters”, will directly suffer the scourge since “they will no longer be competitive in the European market as against imports from Latin America, and imports from the Asia Pacific region”.

She however warned of far-reaching implications on Ghana's competitiveness on the international market, and on the local job market, should Ghana not meet the October 1, deadline.

Madam Hannah Tetteh admitted that, the Ghanaian business community is evenly divided on the matter and called for a focused and dispassionate discussion by all stakeholders.

“We thought that we would give this opportunity for the business sector to discuss with each other before we take the next step for further engagement because how we move forward on this matter has to be a Ghanaian decision”.

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By: Sixtus Dong Ullo /Citifmonline.com /Ghana
Follow @ sixtus_gh