Be ready to access markets by meeting required standards – Goosie Tanoh

The Presidential Advisor on the 24-Hour Economy/Accelerated Export Development Programmes, Augustus ‘Goosie’ Tanoh, has urged Ghanaian exporters to be ready to access markets by meeting required standards.

Speaking during the UK-Ghana Chamber of Commerce’s (UKGCC) Forum held at CalBank PLC’s Head Office on “Ghana’s Proposed 24-Hour Economy and Accelerated Export Development Policies”, Mr. Tanoh explained that ‘the international market is looking constricted by the day.  There’s a net benefit for Ghana and we can take advantage of that but how long that will stay is a matter of conjecture”.

According to him, there is current uncertainty in global trade which makes him unsure that some trade agreements with Ghana such as the African Growth and Opportunity Act (AGOA), a United States of America (USA) law enacted in 2000 that provides preferential trade access to the USA market for certain goods exported from eligible sub-Saharan African countries, will remain in force in 2026.

He also cited how the European Union and the United Kingdom’s burgeoning relationship with the Southern Common Market (MERCOSUR), a regional trading bloc in South America, could jeopardise Ghana’s ability to sustain exports to these markets.

Mr. Tanoh, therefore, believed that Ghanaian exporters must be prepared to take advantage of the benefits these trade uncertainties presented, and avoid the pitfalls through the 24-Hour Economy programme.

“If we are going to be export competitive, then we must be price competitive. Part of the technology adaptation programme for industry that is embedded in the value chains of the 24-Hour Economy programme is to get us to become more precise and more quality driven to make ourselves not only volume ready, but quality ready so that despite whatever barriers (trade partners) put in, we would be prepared to penetrate that market”.

He, thus, urged exporters to consider exporting goods in which they have a natural competitive advantage.

“Those are the things that we need to pursue, perfect, and incentivise”, he remarked.

The UKGCC organised the forum based on concerns raised in its 2024 Business Environment & Competitiveness Survey Report published with the support of the United Kingdom government’s Jobs and Economic Transformation (JET) Programme and Palladium Group.

Speaking during the forum, Eugene Sangmortey, Team Leader – Ghana JET Programme, said the United Kingdom Foreign, Commonwealth & Development Office (FCDO), in partnership with the Ministry of Trade, Agribusiness and Industry, Ghana Investment Promotion Centre, and Ghana Standards Authority (and Palladium International), through the JET Programme, is supporting the Government of Ghana, with private sector, to address key constraints within the business environment to spur much-needed growth. 

“Our mission is to contribute to improving the chance of a better life for Ghanaian citizens by supporting economic transformation and the creation of quality jobs in up to five of the Government of Ghana’s strategic manufacturing sectors, which are textile and garments, agro-processing, pharmaceuticals, automotive and light manufacturing. JET aims to spur £120 million in investments, driving frontier shifts and innovation within the priority manufacturing sectors, thereby contributing to the creation of at least seven thousand jobs,” Mr. Sangmortey remarked.

The 24-Hour Economy Policy: More than just a night economy

According to the 24-Hour Economy Secretariat, the policy is an economic transformation initiative which seeks to significantly increase import self-reliance and reduce Ghana’s vulnerability to external shocks.  The policy also seeks to facilitate a comprehensive integration of value chains to produce more of what Ghana needs; increase the types, quality, and volumes of production; develop stable production surpluses based on marketing; and equip the Ghanaian production sector with better attitudes to production and production relations.  

The policy also seeks to optimise the digitalisation of production resources, including human labour power, natural resource, and capital to achieve high productivity, share prosperity, and more balanced lives.  The Head of Strategy, Programme Development and Execution at the 24-Hour Economy Secretariat, Abdul-Nasser Alidu, mentioned here that “this is where, perhaps, the 24-Hour Economy comes in. You are looking at optimising productivity and the use of all the resources that we have.  Think of it as not having any idle capacity; making sure we utilise all the 24 hours within the day”.

The role of the private sector in the 24-Hour Economy

The 24-Hour Economy programme Secretariat intends to achieve these objectives through the design of seven sub programmes to be implemented with the support of the private sector.

The sub programmes include value chain financing programmes.

“We recognise that access to finance is a major constraint to business growth in Ghana for two reasons: cost of accessing finance is extremely high; and the requirements for collateral make it difficult for those who would have been able to access finance.

The idea is to build a financing programme that allows businesses to access funds at a reduced cost by working with partners to take out structural problems that have been identified,” Mr. Alidu shared.

Additionally, Mr. Tanoh emphasised the importance of building transparency and trust within the private sector as key to the success of the 24-Hour Economy programme.

 “I think transparency is very important because without transparency, trust is very difficult to establish and to maintain.  The 24-Hour Economy programme is a private sector programme. We want our economy to grow and to be stable.  We want the private sector to assume its proper role as a generator of wealth for the majority, and create jobs for the currently unemployed, the vulnerably employed, and for those about to enter the job market.

We are raising money to support the private sector and with the commitments we have, it’s fully understood that the programme is going to be private sector-led and the protocols that will guide it are going to be designed together with the private sector and the onlending institutions,” he said. 

The United Kingdom: a trade partner key to the success of the 24-Hour Economy

According to Mr. Alidu, the 24-Hour Economy Secretariat is engaging development finance institutions, including some in the United Kingdom, for long-term concessionary financing to support the programme.

In addition to this, Mr. Tanoh urged the United Kingdom to explore Ghana and West Africa as a viable market to spur growth within the United Kingdom.

“There’s a lot happening that we need to tap into and that requires a qualitative different intervention in terms of FDI to support some of these initiatives in the agriculture and manufacturing value chains that allows us to grow together as nations who have a historic affinity.

There is historic opportunity to expand trade, grow trade, and also invest in the capacity that Ghana offers, not just in technology, but in terms of basic goods and services, consumer goods, and consumer durables that potentially can supply the world and supply West Africa”.

For his part, Steven Gray, OBE, United Kingdom Export Finance West Africa Regional Representative and Member of the UKGCC United Kingdom-based Advisory Board, responded that “the United Kingdom government in Ghana has long celebrated that common history and shared values that the two countries enjoy.”

He revealed that “the United Kingdom government is going through a consultation process on its new Africa approach, which could be announced later this year, to change the relationship from donor-reciepient to equal partner.”

Mr. Gray called the process an encouraging and exciting opportunity, and welcomed any comments and thoughts on this new approach to be channeleled through the British High Commission in Accra.

The Forum discussed a wide array of related topics such as the 24-Hour Economy Secretariat’s principles of operation, the pillars of the proposed economic transformation, proposals for institutional and legislation changes to support the 24-Hour Economy, and the role of the foreign investor and state institutions like Ghana Standards Authority and Ghana Export Promotion Authority in the 24-Hour Economy policy initiative.

Mr. Tanoh also fielded queries from representatives of the UKGCC’s member businesses and partners in attendance on government’s work to reduce manufacturing inflation and improve exports to specific countries in West Africa.  Attendees also urged the Secretariat to draw benchmarks to track milestones and ensure accountability, as well as work with Ghanaian institutions to ensure more homegrown, Ghanaian equity funds that can invest in the Ghanaian economy.

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