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Business News of Thursday, 30 September 2021


New interim trade partnership between Ghana-UK to commence on October 1 – Trade Minister

Minister of Trade and Industry, Alan Kyerematen Minister of Trade and Industry, Alan Kyerematen

• An interim trade agreement between Ghana-UK will begin on October 1, 2021

• An agreement was reached in June 2021 following the UK’s exit from the European Union

• Trade Minister, Alan Kyerematen made the announcement

Minister of Trade and Industry, Alan Kyerematen has announced that a new interim trade partnership agreement between Ghana and the United Kingdom is expected to commence Friday, October 1, 2021.

The agreement which was earlier reached in June this year by both countries replaces the trade arrangements that were in place when the UK was a member of the European Union and subsequently left after a Brexit vote.

Making the announcement during the swearing-in and inauguration of the new Governing Board of the Ghana Standards Authority, Alan Kyerematen said on “October 1 2021, we will start implementing the Ghana-UK interim trade partnership and investment agreement.”

He touted the Ghana-UK Trade Partnership Agreement as one that will enhance businesses to increase their processes, improve upon market innovation and offer job creation avenues.

Alan Kyerematen further explained the new interim trade partnership for Ghana-UK is expected to consolidate on gains made to sustain economic growth in Ghana.

Touching on other trade agreements, the sector minister said “Ghana has signed on to a number of major international trade agreements including the African Continental Free Trade Area. We’ve also started implementing the new Ghana-EU economic partnership agreement which opens up the entire EU market to Ghana duty-free-quota-free.”

Meanwhile, the terms of the interim agreement largely replicate those previous arrangements but with some notable differences to ensure tariff-free trade transactions in both markets.

When the agreement takes effect, some Ghanaian products such as bananas, tinned tuna and cocoa will benefit from tariff-free trade regime to the United Kingdom.