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Wednesday, 10 August 2016

EU welcomes Ghana's signing and ratification of the EPA

This week Ghana decided to sign and ratify the Stepping Stone Economic Partnership Agreement (EPA) with the European Union. In welcoming the decision, EU Ambassador William Hanna said: "This new agreement will provide a long-term predictable framework to help increase trade and investment. It is a win/win deal for Ghana and the European Union." He said Ghanaian exporting companies will preserve the duty-free preferences on the European market that today make them competitive. This means no quotas and no duties on all Ghanaian exports to the European market. "This will protect thousands of jobs in Ghana, mainly in the agricultural sector. It will also encourage new investment to create more jobs in the future. In recent years Ghana has shown that it is competitive in the EU market," he added.
According to Mr Hanna, as Ghana moves to consolidate its status as a middle-income country, Europe will continue to partner it on its journey to create prosperity and sustainable development. He added that "this agreement is a stepping stone to new and dynamic relations between Ghana and the European Union." In the run-up to the debate in Parliament, many companies who are today engaged in exporting to the European market made a strong case for the EPA.