In Accra, a sector committee has been established as a governance framework to direct the implementation of the National Export Development Strategy (NEDS).
The sector committee of the Ghana Export Promotion Authority (GEPA), which is made up of stakeholder groups from the various product sectors, is anticipated to help the NEDS secretariat enable the efficient execution of the NEDS to promote Ghana's value-added goods for export.
According to an Accra-based press release, the NEDS, which runs from 2020 to 2029, aims to increase and diversify the non-traditional export sector of the economy while using a private sector-driven approach.
By increasing non-traditional exports from US$2.8 billion in 2020 to US$25.3 billion by 2025, it is anticipated to significantly increase Ghana's export volumes. Under the direction of the Ministry of Trade and Industry, GEPA presented the proposal.
The realisation of the aim in the next ten years required strong coordination between key implementing partners and participants within the non-traditional export industry, Herbert Krapah, the Deputy Minister of Trade and Industry, remarked during the inauguration.
Following the complete implementation of the Africa Continental Free Trade Area, he said that the sector group's formation to guide and carry out the plan for the 17 key product sectors was opportune (AfCFTA).
In order to bring in the US$25.3 billion, he added, "the sector group and committee will exchange information and experience on our desire to add value to non-traditional exports."
Functions
Samuel Dentu, the GEPA's Deputy Chief Executive, stated that the different sector groups will oversee and execute the NEDS in their respective sectors and give GEPA with input from the economic operators.
He pointed out that Ghana has a responsibility to lead the rest of Africa in strengthening regional trade activities and integrating economies as a result of its role as the AfCFTA secretariat.
He claimed that as a result, Ghana has to step up its efforts to fully seize the chance.
AKA NEDS
Under the NEDS, about US$60 million will be invested yearly to diversify and expand the nation's exports.
The strategy is supported by three pillars: to increase and diversify the supply of value-added industrial export goods and services; to enhance the business and regulatory environment for exports; and to develop and increase the human capital needed for industrial export product development and marketing.