Ghana is implementing a National Export Development Strategy to increase non-traditional export revenues to $25billion by 2029.
The Deputy Minister for Trade and Industry responsible for International Trade, Mr Herbert Krapa, who disclosed this on Monday at the Afreximbank Export Trading Companies Seminar in Accra, added the Ministry had identified 17 priority products for export under the strategy.
The priority products, he noted, include automobiles, industrial salt and starch, sugar and processed oil seeds, aluminium, iron and steel and pharmaceutical products.
He said the Ministry was also initiating Ghana’s Export Expansion Programme with 200 companies to help enhance the productive capacity of the companies to export in the competitive African market.
Mr Krapa announced that the Ministry has also launched a national action plan and policy framework to boost Ghana’s trade with Africa, adding that the plan would support the establishment of a Special Purpose Vehicle to improve the production and marketing of goods and services under the African Continental Free Trade Area and provide alternative financing and intermediation between exporters and banks.
He reiterated the Government of Ghana’s commitment to the success of the African Continental Free Trade Area, indicating that the government’s pursuit of an aggressive industrial transformation agenda in the last six years was a testimony of that vision.
Mr Krapa noted that despite Africa being home to 65 per cent of the world’s arable land and 40 per cent of the world’s mineral resources, the continent’s share of global trade was 3 per cent.
He said Africa cannot achieve inclusive economic growth without industrialisation, and, therefore urged institutions in the export ecosystem to build partnerships among their ranks for effective trading.
“Africa’s industrial revolution must be realised at all cost in our lifetimes for posterity, and if there were ever an opportunity, one with the potential to unleash the sleeping talent of the African entrepreneur, with the ability to reduce significantly Africa’s dependence on everyone else for everything good, and which has the answer to empower our women and youth once and for all,” then it is the African Continental Free Trade Area, he noted.
Irene Wirekoaa Osei, ISD