Asked about the trade agreement it would have with Ghana early next year, DIT said it would not comment on the live negotiations. Discussions with Ghana “are ongoing to ensure business continuity after the transition period,” said an DIT spokesperson. However, the government`s website, which contains trade agreements still under discussion, states that if no agreement is reached by 31 December 2020, WTO trade conditions will be met under WTO conditions. In 2017, Then-Trade Minister Liam Fox promised to avoid tariffs on countries like Ghana if Britain left the EU. However, in the absence of an interim agreement, Ghana`s main exports will face new tariffs on 1 January, including 12.5% for bananas, 20% on tuna, 8% on cocoa paste and 6% on cocoa butter under the UK Global Tariff (UKGT). With its offer, Ghana has taken advantage of its strategic geographical position in West Africa. It has made considerable efforts to make the country a gateway and trade hub in West Africa. The central mandate of the secretariat will be the implementation of the free trade agreement, ratified by 25 out of 54 countries. Once everyone ratifies the agreement, it will create the world`s largest free trade area since the creation of the World Trade Organization in 1995.
Hosting the secretariat of the free trade area will have direct and indirect costs and benefits. LONDON – Britain and Ghana are heading for WTO trade at the end of the year. It describes the bilateral and multilateral trade agreements to which that country belongs, including with the United States. Includes websites and other resources that allow U.S. companies to get more information about how they can use these agreements. In addition, Ghana has had the advantage of knowing trade cooperation by being part of the Economic Community of West African States (ECOWAS). In addition to the upcoming elections, Ghana could also face increasing trade restrictions with its neighbours if it reaches an agreement with Britain. The UK wants to reverse Ghana`s “Stepping Stone” economic partnership agreement with the EU as part of a wider agreement with 16 West African countries.
However, many of these countries have not ratified the EU agreement, although Ghana and Côte d`Ivoire have both concluded interim agreements. Côte d`Ivoire, which also exports large quantities of bananas to Britain, only signed an agreement with the UK last week. The Economic Partnership Agreement (EPA) with West Africa covers goods and development cooperation. The EPA also offers the opportunity to continue negotiations on sustainable development, services, investment and other trade-related issues in the future. In recent weeks, officials from the UK Department for International Trade and Ghana`s Ministry of Trade and Industry have informed companies in both countries that a trade agreement will not be sealed this year. Ghana is a member of the World Trade Organization (WTO) and a signatory to the ACP-EU Partnership Agreement that replaced the Lomé Convention, a trade and assistance agreement between the European Union and 46 former European colonies and dependencies in Africa, the Caribbean and the Pacific (the ACP group). Ghana has an Interim Economic Partnership (EPA) agreement with the EU which, once implemented, will allow duty- and quota-free access to the European market.