{"id":1119285,"date":"2022-06-12T14:23:40","date_gmt":"2022-06-12T14:23:40","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/06\/12\/world-bank-recommends-policy-reforms-to-enhance-ghanas-trade-flows\/"},"modified":"2022-06-12T14:23:40","modified_gmt":"2022-06-12T14:23:40","slug":"world-bank-recommends-policy-reforms-to-enhance-ghanas-trade-flows","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/06\/12\/world-bank-recommends-policy-reforms-to-enhance-ghanas-trade-flows\/","title":{"rendered":"World Bank recommends policy reforms to enhance Ghana\u2019s trade flows"},"content":{"rendered":"

<\/p>\n

\n Accra, June 12, GNA – The World Bank says additional policy reforms in investment and trade facilitation could help enhance trade flows between Ghana and the sub region.<\/p>\n
\"\"<\/div>\n
In its Ghana Trade Competitiveness Diagnostics report, the World Bank urged government to, among other things, take either administrative or regulatory steps to reduce port charges, revise outdated transshipment regime, reduce the number of police checkpoints, and resolve the VAT treatment of transit trade services.<\/div>\n
\u201cSeveral steps are required to simplify and harmonise import and export procedures, and to overhaul the governance framework of the Port of Tema\u201d the report noted.<\/div>\n
While commending Ghana\u2019s progress in the transport and logistics services where maritime cargo volume increased by 7.6 per cent on average per annum over the period of 2010 to 2020, the Bank called for infrastructure investments that would facilitate shipping through containers.<\/div>\n
\u201cThis would reduce the inefficiencies related to the stripping of containers\u201d it added.<\/div>\n
The report titled, \u201cStrengthening Ghana\u2019s Trade Competitiveness in the Context of AfCFTA\u201d also showed that Ghana\u2019s trade regime in goods was restrictive as far levels of tariff and non-tariff barriers (NTB) were concerned.<\/div>\n
In comparison with other countries as at 2019, the report showed that Ghana\u2019s trade-weighted Most Favored Nation (MFN) tariff rate was 10.57 per cent, higher than most comparators except for Kenya, which has a trade-weighted MFN of 13.35 per cent.<\/div>\n
\u201cThe number of non-tariff measures (NTMs) imposed by Ghana are higher than in Nigeria and Cote d\u2019Ivoire but below levels in Vietnam although further analysis is required to ascertain the extent NTMs are enforced in a discriminatory way\u201d the report highlighted.<\/div>\n
Speaking at the launch of the report in Accra, Mr Pierre Laporte, World Bank Country Director for Ghana, Liberia and Sierra Leone, said that regional integration, digital innovation, and trade policy was key to driving Ghana\u2019s economic transformation agenda.<\/div>\n
The country, he added, could strengthen its trade competitiveness and optimise benefit under the African Continental Free Trade Agreement (AfCFTA) and the Global Value Chain (GVC) through the elimination of NTBs, implementing trade facilitation reforms and enhancing regulatory framework for services.<\/div>\n
Mr Herbert Krappa, the Deputy Minister of Trade and Industry, said the findings of the diagnostics report was a wake up call for government to pursue its transformation agenda<\/div>\n
\u201cGovernment will continue to intensify our best efforts at enhancing our merchandise trade competitiveness. We will continue to invest in trade related infrastructure including ICT digital trade,\u201d he said.<\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Accra, June 12, GNA – The World Bank says additional policy reforms in investment and trade facilitation could help enhance trade flows between Ghana and the sub region. In its Ghana Trade Competitiveness Diagnostics report, the World Bank urged government to, among other things, take either administrative or regulatory steps to reduce port charges, revise […]<\/p>\n","protected":false},"author":1,"featured_media":1119287,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[557,4787,6961,250,587,5584,3579,915,784],"class_list":["post-1119285","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-bank","tag-enhance","tag-flows","tag-ghanas","tag-policy","tag-recommends","tag-reforms","tag-trade","tag-world"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1119285","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1119285"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1119285\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1119285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1119285"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1119285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}