EU-Ghana Economic Partnership Agreement Takes Off


EU-Ghana Economic Partnership Agreement Takes Off

Finally, the long-standing Economic Partnership Agreement between Ghana and the European Union (EU), which has seen a delay of close to five years, has come into force, enabling the country and Europe to trade duty-free and quota-free on some selected goods.

According to a joint press release from the Trade Ministry and the EU, the interim Economic Partnership Agreement (iEPA), which takes immediate from July 1, 2021, will guarantee duty-free quota-free access to the EU market for products made in Ghana, giving the country access to the European market for 80 percent of the total volume of exports to the bloc.

Details of the agreement indicates Ghana will progressively reduce its tariffs to zero for 78 percent of its imports from the EU by 2029. The tariff cutting process started in 2020, creating significant new export opportunities for EU exporters. In the future, the EU and Ghana might decide to expand the EPA to include, for example, provisions on investment and trade in services.

The timetable for tariff liberalisation also shows by end of 2021, Ghana will remove duties for products from the EU where tariffs are at 5 percent and 10 percent. Then, in 2024, almost half of the total lines to be liberalised will be at 0 percent; and in 2029, those products currently at 20 percent and 35 percent will be fully liberalised (unless excluded).

In addition, several EU development cooperation programmes are linked to the EPA, as they aim to facilitate the reform of the fiscal revenue system, improve the business environment and Ghana’s competitiveness.


GNBCC | News