Business News of Monday, 15 August 2016
As part of creating awareness for Ghanaian businesses to enjoy the benefits derived from African Growth and Opportunity Act (AGOA), the Ghana Chamber of Commerce and Industry (GCCI) in collaboration with the USAID has organized a sensitization program which seeks to alert businesses to get familiar with easy export to the U.S.
The opportunity is to help Ghanaian business operators who wish to export their goods to the U.S gain easy access and also enjoy duty free benefits.
The volume of trade between Ghana-US is expected to increase from the current 1.2 billion dollars in a quarter of a year to about 2.5 billion dollars within the period.
Speaking to Citi Business News, Chief Executive Officer of the GCCI, Mark Badu-Aboagye said business operators must take advantage of the opportunity to get their works out there.
“AGOA gives us duty free, quota free access to the largest single market; the U.S market. This means that when you are exporting to the US under AGOA, you are not paying any duty at all. So basically it gives you competitive advantage over any country that is also exporting to US and is paying duty,” he said.
He explained that AGOA was set up to enhance the export of developing countries such as Ghana and also develop the good relationship between Ghana and other eligible countries with the United States markets.
“When you join AGOA it also makes one ready to compete to get a lot of revenue as an individual company and as a country,” he said.
Mr. Badu-Aboagye, however stressed on the need for operators to meet the standard required by the US or else face paying duty.
“The only thing is to make sure the goods meet the target standards and expectations of the U.S requirements. If you are not able to meet it then it means you can’t export otherwise you will send your product and it will be returned,” he stressed.
Mr. Badu Aboagye concluded by urging the local producers to do their best to meet the standard as it is a great opportunity.