Business News of 2014-07-18

Signing EPA is a bold step in the right direction

Mr. Charles Mensah, Tema Chapter Chairman, Association of Ghana Industries (AGI), has welcomed the “bold step in the right direction’’ taken by West African heads of state to sign onto the Economic Partnership Agreement (EPA).
In an interview with the Ghana News Agency (GNA), he said signing the EPA is a morale boaster for exporters within the AGI because it grants them the maximum right of entry to the European market domain with their locally manufactured goods which would help them reap profits in foreign exchange.
He asked the Ministry of Trade and Industry to position small and medium scale industries with export potential strategically with avenues such as entrepreneurial training and soft loans with fewer conditions attached and restructure them to take advantage of the agreement.
He indicated that the EPA would not result in the flooding of the Ghanaian market with European goods but would help prevent the present incessant dumping from the Far East and others who have virtually taken over the local market.
Mr Mensah said captains of local industries are likely to take advantage by entering into joint ventures with these foreign companies who would like to locate in Ghana because of the relatively cheaper cost of labour and as a result reduce unemployment in the country.
He said there was enough evidence to prove that European industries have technology transfer policies and that they create better working environments and conditions of service which would enhance workers’ rights and dignity.
He said local industries are more likely to improve upon their earnings to ensure the growth of their industries and the country at large indicating that subsidized goods from European Union would be allowed into the local market duty free.
Mr Mensah urged all captains of industries to put their industries in shape to enable them respond quickly to the drive to ensure growth adding that, ”Let’s embrace the challenges that the EPA would bring about and work towards it because it is “win win” situation and not a trap as some people would want us to believe.”
Source: GNA
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