Ghana Needs $600m To Execute Another Ambitious Strategy
In a bid to position Ghana on the global map as a world class exporter of competitive products and services, the country needs an investment capital of 600 million dollars to implement the National Export Strategy document within the next five years.
The Director of Export Trade at the Ministry of Trade and Industry (MOTI), Mr. Gerald Nyarko-Mensah has announced.
The whopping $600 million can construct 10 of George Bush motorways. The amount is also bigger than the United States’ $547 million Millennium Challenge Compact (2008 to 2012) which aims among other things at reducing poverty by raising farmer incomes through private sector-led agribusiness development in Ghana.
But Mr. Nyarko-Mensah maintained that the ambitious National Export Strategy document would build the capacities of the Ghana Export Promotion Authority and the Metropolitan, Municipal and District Assemblies (MMDAs) to enable the country achieve its goal(s).
He indicated that; ‘the strategy would strengthen and resource export development related institutions to ensure that the export culture is imbibed nationwide so that every district would be able to have at least one significant commercial viable agro-based export product’.
According to him, the country would no longer depend solely on the export commodities but would over the period invest in fresh and processed fish, vegetable oils, root crops, grains and legumes, natural rubber and products of the creative arts.
The strategy which forms part of the national strategy for the non-traditional export sector from 2013 to 2017 is expected to increase the country’s non-traditional export from the current export value of $2.64 billion to $5 billion by 2017.
This will enhance the Gross Domestic Product to increase the national income, the senior government official said.
The country also aims at generating considerable number of jobs and incomes, which will be translated into improved standard of living and welfare of the people to consolidate the middle-income status.
The Minister of Trade and Industry, Mr. Haruna Iddrisu, who launched the ambitious national export strategy and the national export development programme in his hometown, Tamale, the Northern Regional capital, did not disclose where the government would get money to implement the unrealistic strategy document.
He however indicated that government had started a process to equip Export Development and Agricultural Investment Fund to enhance agricultural growth. The minister said the government would give stimulus packages to some medium scale enterprises beginning from next year.
Mr. Iddrisu said when the country improves on the export trade it would have a significant impact on the balance of trade deficit noting that the government was committed to double the country’s non-traditional export sector with the priority of making the country the destination for export trade.
However, the minister observed that the major constraints militating against Ghanaian exporters are their inability to add quality to their products to meet international standards.
Mr. Iddrisu, therefore, advised them to produce quality products to meet international market standards.
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