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Wednesday, 13 April 2016

Ghana to lose millions of euros as EPA expires on October 1

Leading banana and pineapple exporting company in West Africa, Golden Exotic Limited (GEL), has warned that Ghana risks losing millions of euros as government delays in ratifying the Economic Partnership Agreement (EPA) signed with the European Union (EU) before it expires on October 1, 2016. In December 2007, Ghana initialled an interim EPA to avoid a similar tariff action after the preferential trade agreement enjoyed under a previous treaty, named the Cotonou Accord expired in the year 2000. GEL, which makes an annual tax payment of 35 million euros to government, further cautioned that thousands of Ghanaian workers will lose their jobs if pragmatic steps are not taken to secure the trade market between Europe and the West African sub-region. Speaking on the Citi Breakfast Show, the Corporate Affairs Manager of GEL, Mr. George Kporye, stated that it is important for government to give hope to the export market since the expiration date is already having an adverse effect on the sector as companies cut down on investment.

Source: ghanaweb.com