Ghana signs interim Economic Partnership Agreement with EU

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August 1, 2016 10:54 AM

However, signing the Economic Partnership Agreement would grant exporters duty-free access to African markets, except exporters of rice and sugar.

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The Ghanaian government has signed an interim Economic Partnership Agreement with the European Union.

This was after the Economic Community of West African States has delayed in taking a decision as to whether to sign the EPA in their current form or not. It is believed that an ECOWAS response to the EPA would grant the sub regional body and its member countries a bigger bargaining advantage.

The European Union gave West African states a deadline of November, 2016 to sign the agreement or pay duties on exports to the European market.

Foreign Affairs Minister, Hannah Tetteh revealed in July, that Ghana was waiting for a unified response from ECOWAS as to whether to sign the agreement or not.

With that not forthcoming, Ghana has gone ahead to sign an interim agreement, awaiting a more substantial move from ECOWAS.

Some economists have kicked against the decision to sign the EPA in its current form, as it will grant countries of the European Union access to 75% of Ghana’s market.

The Ghanaian Ambassador to Belguim signed the agreement in Brussels during the weekend, making Ghana the second country to sign the agreement in the West African sub region after Cote D’Ivoire.

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