Ghana will not become dumping ground’

Story: Business DESK

The Ministry of Trade and Industry has assured that Ghana will not become dumping for goods entering into the country from the United Kingdom (UK).

Beginning September 1, 2021, Ghana and the UK’s Tariff liberalization interim trade agreement kicked into force with a reduction in tariffs on goods coming in the country from the UK with Ghana being obliged to open 80 percent of the country’s market to UK goods.

Reacting to some concerns raised that the interim trade agreement will turn Ghana into a dumping ground, Public Relations Officer at the Ministry, Prince Boateng, said the country rather stands to benefit significantly from the agreement.

“Apart from benefitting under the African Continental Free Trade Area, what it also means is that our traditional trade partners, especially the UK, is not shed off entirely with them, and so we stand to benefit. Without this agreement, about two-thirds of Ghana’s non-traditional exports will have to face higher tariffs and that will come at a great cost to us as a country, and so we stand to benefit a lot as a country.”

“This particular trade partnership covers trade in goods as well as development corporation, and so there are clauses that are also available in the agreement for us in the future to negotiate for trade in services and other trade-related issues”.

Meanwhile, Parliament in May this year ratified the interim trade pact between the UK and Ghana after the latter completed the processes to leave the European Union following the Brexit vote.

The exit of the UK hence offered an opportunity for the two countries to renegotiate the terms of the new tariffs regime in accordance with the partnership agreement.

So far, Ghana is benefiting from the agreement, as vegetable and fruit exporters are currently enjoying duty and quota-free access to the UK market for goods originating from Ghana.