Business News of 2014-07-16

Gov’t to set up ‘non-partisan’ EAC

President John Dramani Mahama has instructed the Ministry of Trade and Industry to establish a non-partisan Export Advisory Council on the opportunities the country stands to gain from exports.
This was made known by Haruna Idrissu, the head of the Ministry, at the 2nd Graphic Business/Fidelity Bank Breakfast Meeting on Tuesday, July 15 in Accra.
The Meeting was held on the theme: “Maximising the value of exports to improve Ghana’s trade balance”.
Mr Idrissu noted that the proposed Council is expected to consist of Former Ministers of Trade and Industry, Former Chief Executive Officers of the Ghana Export Promotions Center and the Ghana Export Promotion Authority.
It will also involve other private sector players, the Minister disclosed, to advise government on future opportunities of expanding the country’s exports.
Former Minister of Trade and New Partnership for African Development (NEPAD) Dr Kofi Konadu Apraku stated, during the forum, that during his tenure he proposed the setting up of a Ghana Export and Investment Bank.
“I consulted with several important stakeholders…to help formulate the concepts to set the stage for a feasibility study into the establishment of the Bank,” he said. “Unfortunately, I could not complete that work before I left the Ministry.”
Alan Kwadwo Kyeremanten, who also served in the Trade and Industry Ministry, suggested an export-led economic strategy for the country just like China has done.
He was confident the country can become a global powerhouse with such an agenda. Foreign Affairs and Regional Integration Minister Hannah Serwaa Tetteh, on her turn, called for efforts to maximize production in order to boost exports.
“If we don’t deal with all the parts that we require to deal with in order to make manufacturing competitive, we are never going to be able to have the production capacity to be exporting in the volumes we aim to export in order to make a difference in terms of export in our economy.”
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