Alan Kyeremateng, Minister of Trade and Industry
Alan Kyeremateng, Minister of Trade and Industry says Trade Facilitation is a cornerstone of the government’s trade and economic development agenda.
According to him government believes that Trade Facilitation will greatly assist Ghana in reaching her full potential as a leading trading nation, both regional and globally.
“This in turn will create strong earnings and employment growth within the country”, Mr. Kyeremateng said when speaking at the recent Stakeholder Conference on Ghana’s National Single Window project which is being spearheaded by West Blue Consulting.
He lauded West Blue Consulting for the introduction of the Ghana National Single Window which is facilitating the ease with which Ghanaian companies compete in global and regional markets.
“It reduces the time and cost of trading across borders and ensures predictability in delivering goods to markets. It also promotes transparency and enhances government revenue mobilization through increased compliance and enhanced economic performance. This is mutually beneficial for both government and business”, Mr. Kyeremateng said.
WTO Trade Facilitation Agreement
He welcomed the entry into force of the WTO Trade Facilitation Agreement, stating “Ghana is one of the original signatories to the agreement and we believe it will have a tremendous impact on enhancing global trade”.
“WTO estimates that the agreement will generate over one trillion dollars in benefits annually and that the majority of these benefits will accrue to developing economies. It is the intention of the government of Ghana to fully capitalize on this opportunity and we are committed to the implementation of this agreement to develop a truly open, transparent and dynamic trading economy in our country.
“We will redouble our efforts in export development and will use the advent of the WTO Trade Agreement to develop new market opportunities and support programmes for our traders”, Mr. Kyeremateng said.
He said as the Ghana National Single Window unfolds over the next three years, “we expect to achieve an overall reduction in the administrative time and cost of trading internationally by 50 percent and 25 percent respectively”.
“In addition to the positive impact on competitiveness and employment growth that I have already mentioned, this will make Ghana more attractive to foreign investment as transparency, predictability, time and cost are the key factors in the location decisions of export-oriented business”, he emphasised.
By Cephas Larbi