Exporters call for cedi stabilization

Gideon Quarcoo, Acting Chief Executive Officer (CEO) of GEPA, has called on Government to ensure the stabilization of the Cedi to reduce inflation.

Speaking at the 75th National Exporters Forum in Accra, Mr Quarcoo called for funds to be made available to the sector, including GEPA, to assist the private sector to drive the anticipated increases in non-traditional export revenue this year and beyond.

He said the Export Trade, Agricultural and Industrial Development Fund must also continue with offer credit to exporters and export facilitating institutions to help them carry out their activities to help increase the earnings of the sector.

In 2013 non-traditional products were exported to 140 countries.

He said GEPA intends to achieve $3.1 billion in earnings from the export of non-traditional products this year in line with the national export strategy, adding that the target represents a 30 per cent increase in earnings compared with the $2.436 billion raked in for 2013.

Ghana recorded earnings of US$2.436 billion in 2013 compared to US$2.364 billion in 2012 from the export of non-traditional products, representing an increase of 3.05 per cent.

In August 2013, the government launched the National Export Strategy aimed at raising the level of export proceeds from the non-traditional export sector to US$5 billion by the year 2017.

The Netherlands continues to lead EU countries for Ghana’s non-traditional export products, importing US$243.27 million worth of products as compared to US$288.69 million in 2012, a decrease of 15.73%.

The United Kingdom (UK) placed second with an increase of 12.84 per cent from US$144.94 million in 2012 to US$163.55 million.

The development, he said, was largely influenced by the volume of imports of cocoa products and canned tuna by the two countries.

Imports to Burkina Faso increased by 19.28% and amounted to US$197.09 million compared to US$165.23 million in 2012.

Togo’s share of imports of Ghanaian products, however, decreased by 20.18% from US$202.54 million in 2012 to US$161.68 million.