The leadership of the Private Enterprise Federation (PEF), has called on the would be Minister of Trade and Industry in the incoming NPP government to review the Economic Partnership Agreement (EPA).
The president of PEF Nana Osei-Bonsu said the agreement signed with the European Union by the outgoing government needs to be reviewed so they know how Ghanaian businesses especially after Brexit.
“We request a review of the Economic Partnership Agreement and how it is going to affect both our export and infant domestic industries in view of Brexit, one the biggest trading partners of Ghana in the EU”, he said.
Nana Osei-Bonsu further requested the abolishment of the one percent tax on income from agriculture since it was a disincentive to the sector.
“We request removal of the one percent tax on income from agriculture investment which is further curtailing investment in the growth of the sector that employs 44 percent of our population,” he said
The government earlier signed onto the agreement (interim) but was awaiting ratification from Parliament as stipulated in the country’s laws in relation to international agreements.
The ratification of the agreement by Parliament led to the entry of a percentage of imports from Europe to Africa and vice versa, free of tariffs.
Even though the EPA was ratified a number of business associations and other stakeholders kicked against the agreement arguing that the deal will do more harm than good for the country.