Local companies to suffer if EPA is signed – PEF

The Private Enterprise Federation (PEF) says local industries will suffer the most if government goes ahead to sign the Economic Partnership Agreement with the European Union (EU).

Government says there is a possiblity of signing the agreement if  the Economic Community of West African States (ECOWAS) countries agree to it.

Speaking to Citi News in reaction to government’s position on the matter, Chief Executive of PEF, Nana Osei Bonsu said the local industries should brace themselves for tougher times.

“The burden of the introduction of the EPA is going to rest on the private sector, they are going to suffer the most,” he said.

In that regard, he emphasized the need for stakeholders to seek advice from the private sector, civil society and counterparts in the ECOWAS before taking a decision to sign the agreement.

The EPA is the framework being proposed by the EU to developing countries like Ghana to address issues relating to unfair preferential trade agreements.

Civil society groups have however criticized the agreement.

According to them, the agreement would only worsen the plight of countries which sign onto it.

By: Marian Efe Ansah/citifmonline.com/Ghana