A governance structure in the form of a sector committee to guide the implementation of the National Export Development Strategy (NEDS) has been inaugurated in Accra.
The sector committee which comprises stakeholder groups of the product sectors of the Ghana Export Promotion Authority (GEPA) is expected to assist the NEDS secretariat to facilitate effective implementation of the NEDS to promote Ghana’s value-added products for export.
A media release issued in Accra said the NEDS, spanning 10 years — from 2020 to 2029 — sought to diversify and grow the non-traditional export sector of the economy and to employ a private sector-driven approach.
It is expected to give a significant boost to Ghana’s export volumes by growing non-traditional exports from US$2.8 billion in 2020 to US$25.3 billion by 2029.
The initiative was unveiled by GEPA under the auspices of the Ministry of Trade and Industry.
At the inauguration, the Deputy Minister of Trade and Industry, Herbert Krapah, said the realisation of the target in the next decade demanded strong collaboration between key implementing partners and players within the non-traditional export sector.
He said the creation of the sector group to lead and implement the strategy for the 17 priority product areas was timely following the full implementation of the Africa Continental Free Trade Area (AfCFTA).
“The sector group and committee will share knowledge and experience on our ambition to add value to non-traditional exports to rake in the US$25.3 billion,” he said.
The Deputy Chief Executive of the GEPA, Samuel Dentu, said the various sector groups would monitor and implement the NEDS within their relevant sectors and provide feedback from the economic operators to GEPA.
He noted that Ghana’s position as the secretariat of the AfCFTA imposed on the country an obligation to lead the rest of Africa in integrating economies and deepening regional trade efforts.
As a result, he said, Ghana was obliged to redouble efforts to take full advantage of such an opportunity.
Some US$60 million will be invested annually under the NEDS to diversify and grow the country’s exports.
The strategy rests on three pillars — to expand and diversify the supply base for value-added industrial export products and services; to improve the business, regulatory environment for export, and to build and expand the required human capital for industrial export development and marketing.