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Business News of Thursday, 26 September 2019


Ghana progressed in economic development – EU

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Head of Cooperation at the European Union (EU), Zolta Agai, has said that Ghana has over the past twenty years achieved significant success in its economic development and stability.

He said the achievements are seen in the Foreign Direct Investments (FDIs) and also the increased regional and international trading activities.

Speaking at a stakeholder’s forum in Accra on Thursday 26th September, 2019 the implementation of the West Africa Competitiveness Programme (WACOMP), he said: “This project (WACOMP) has started already, 6 months ago and I understand that significant progress has been already made.

“Overall, Ghana has made significant progress over the last 20 years in terms of economic development and macroeconomic stability.”

He added: “This progress was translated into increased Foreign Direct Investments (FDIs), increased regional and international trade. A good part of this increased interest for Ghana’s international trade and export is shared with European businesses.”

He added: “Ghana has a strong potential to increase its agribusiness sharing the regional and international market and the EU is there to support the country in this endevour.

“The EU is one of the strongest trade partners of Ghana. In 2018 Ghana exported 3.1billion UEROS of goods to the EU market which is 48 per cent increase from the previous year

“Moreover in 2017 the EU’S FDI flow totaled GH100m Euros.”

For his part, Chief Director of the Trade Ministry, Anthony Baafi said government remains committed to the programme.

“I have no doubt in my mind that UNIDO will be able to deliver on its expectations based on its goo long track project record deliveries

“The overall objective of the programme is on the context of the Ghana Beyond Aid vision to improve economic governance and business environment and to maximize the economic benefits of the Economic Partnership Agreement (EPA) for Ghana.”

The United Nations Industrial Development Organization (UNIDO) is implementing the EUfunded West Africa Competitiveness Programme (WACOMP) Ghana Component.

The WACOMP programme seeks to improve the competitiveness of Ghanaian exports with a focus on three main value chains – cassava, fruits (mango and pineapple), cosmetics and personal care products through enhanced value-addition, low carbon sustainable production and processing aimed at increased access to regional and international markets.