Foreign Affairs Minister, Hannah Tetteh says Ghana will still have to take a decision on whether to sign the Economic Partnership Agreement with the European Union or not.
Speaking on the issue, Hannah Tetteh said Ghana has a deadline of October, 2016 to sign the Economic Partnership Agreement, failure of which will mean that non-traditional exports to EU countries will attract taxes.
“ We will have to take a decision on the EPAs as soon as possible, because clearly there is a deadline. We are currently engaging in stakeholder discussions to ensure that all aspects are taken into consideration. But a decision will have to be made soon.”
Signing the EPAs will ensure that exports from Ghana to the EU will be duty-free. But that will grant the same opportunities to similar products from EU countries, opening the Ghanaian market to EU products. This possibility has alarmed Ghanaian businesses due to possible unfair competition from EU companies.
However, the UK’s exit from the EU means that Ghana will get the chance to negotiate a more beneficial trade partnership agreement with one of the biggest economies in the world.