President John Mahama of Ghana has described as a major disincentive to foreign investments in the West African region the delay in signing the European Partnership Agreement (EPA) by Nigeria and Gambia.
Mahama said the delay was denying Ghana particularly some capital investments.
He disclosed that Ghana and Cote d’Ivoire had contracted separately, interim Economic Partnership Agreements with the European Union in order to mitigate the hardship caused by the inconclusive joint sub-regional agreement.
“We had hoped that we should be able to negotiate an ECOWAS-wide EPA, but unfortunately due to the non-signature of the EPA by Nigeria and Gambia, it is obvious that Cote d’Ivoire and Ghana have to enter into some transitional arrangements in other that our economies will not suffer,” he said.
Mahama pledged his commitment to the discourse in other to bring about a regional trading framework with the EU saying, “But even in those circumstances we will continue to work hard so that the whole sub-region can have a partnership agreement so that we can advance our integration.”
The interim European Partnership Agreement with the European Union allows Ghanaian exporters some waivers in tariffs.
According to recent developments, failure to sign will lead to a 19.4% tariff increase on exports. Ghana has till October this year to ratify the agreement.
Source: Daily Trust newspaper