Business News of 2014-08-08

Exporters urged to abide by international standards

The Chief Executive Officer (CEO) of the Ghana Export Promotion Authority (GEPA), Mr Gideon Quarcoo, has urged exporters to adhere to standardisation and quality principles to ensure that their exported goods meet international requirements.

He bemoaned the fact that the country spent huge sums of money importing basic things such as rice, fish, chicken and toothpick which could be, and are produced right here in Ghana.

He, therefore, called for a behavioural change towards made-in-Ghana goods.

“We should wear Ghana and eat Ghana to reduce our import and rather increase our export to achieve trade balance,” he said.

He was speaking at an export summit organised by Fidelity Bank in collaboration with GEPA in Kumasi which was attended by exporters in the Ashanti and Brong Ahafo regions. The summit was a follow-up to the Graphic Business-Fidelity Bank Breakfast Meeting held earlier this month on the theme, “Maximising the Value of Exports to Improve Ghana’s Trade Balance”.

Mr Quarcoo said, the total revenue from non-traditional exports (NTEs) at the end of 2013 stood at US$2.436 billion, adding that for Ghana to achieve an increase in NTE revenue to US$ 5 billion by 2017, which is the goal of the National Export Strategy, there must be concerted efforts from all stakeholders.

The Director of Corporate Banking for Local and Multinational Corporates at Fidelity Bank, Mr Anthony Benin, said the summit was to provide the platform for exporters in the two regions to come together and deliberate with stakeholders to table the challenges they are faced with.

“This summit is expected to build your capacity to enable you to identify the right financial products to support and grow your businesses. It further seeks to create awareness and educate exporters on the new banking regulations from the Bank of Ghana and also their impact on your business,” he said.

The participants were also introduced to the Fidelity Export Bonus Account which has been specifically designed to reduce transactional costs for exporters.

The next export summit will be held in Takoradi on August 7 and Tam

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