Business News of 2014-03-29

EPA: Gov’t to conduct fiscal impact assessment

Government says it will conduct a fiscal impact assessment before it decides to sign on to the Economic Partnership Agreement (EPA).

The assessment is expected to bring to fore, the economic adjustment cost of signing on to the EPA and its subsequent effects.

Speaking to Citi News at ECOWAS meeting of heads of state of the West African sub-region in Ivory Coast, Minister of Trade and Industry, Haruna Iddrisu said government will not take any decision that will affect the economy of the county.

He clarified that the ECOWAS governments in agreeing to a regional ECOWAS treaty with the European Union, will consider the agreement’s implications on fiscal situations in terms of revenue losses, ramifications for industry and ramifications for tax revenues in terms of import revenues against what ECOWAS can do at the level of exports.

Mr. Iddrisu gave the assurance that “government will conduct a fiscal impact study” to enable the country determine “how much is it that we will lose when we sign unto the pact.”

The EPA allows countries to export goods to the EU without tariffs or maximum quotas, under World Trade Organization rules.

The European Parliament has granted the African countries an extension until October 2014 to ratify their interim EPAs.

Although some civil society organizations have indicated strongly their reservations about the EPA and consequently outlined its possible impact on Ghana, the Trade and Industry Minister and the Foreign Affairs Minister have on several occasions given the assurance that government will protect the best interest of Ghana.

Source: citifmonline.com
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