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Business News of Monday, 1 March 2021


Ghana, UK to sign final trade agreement on March 5 – Alan Kyerematen

Trade minister-designate, Alan Kyerematen has revealed Ghana and United Kingdom will sign a final post-Brexit trade agreement on March 5, 2021.

The agreement is expected to facilitate trade between both countries a little over two months after the UK officially left the European Union. The referendum to leave the EU was held in 2016 but the transition period ended on December 31, 2020.

Making the disclosure to the Appointments Committee of Parliament during his ministerial vetting, the Trade Minister-designate, said the agreement when signed would provide duty-free and quota-free access for Ghana to the UK market.

“After series of consultations and engagements, hopefully on the 5th of March, Ghana will sign a new trade agreement with the UK. It will come into force on the 5th of March,” Alan Kyerematen told the committee.

The ministerial nominee added that the deal would also offer preferential tariff reductions for UK exporters to the Ghanaian market.

Meanwhile, some key players in the tuna, fruits and vegetable exporting sectors had earlier bemoaned the absence of an agreement which they say was threatening their jobs and livelihoods.

They lamented an increasing cost of production in their businesses due to the inability of both countries to reach an agreement earlier, a move they say resulted in increased tariffs on produce exports.