Economic Pact Holds More Benefits – EU

The Head of the European Union (EU) delegation to Ghana, Mr William Hanna, has called on Ghana and other West African countries to sign on to the Economic Partnership Agreements (EPAs).

According to him, that will bolster trading activities between member countries and offer more opportunities and bigger market to the ECOWAS member states.

He made the call when he called on the Editor of the Daily Graphic, Mr Ransford Tetteh, in Accra last Thursday.

His call comes in the wake of stiff opposition from civil society groups, the clergy and some political parties against  Ghana signing the pact.

Some civil society organisations have argued that the current EPAs were measures designed by the European powers to dominate markets and control the productive resources of under-developed and post-colonial economies.

Others fear the agreement will lead to the eventual collapse of many local industries and businesses in the country.

Visit to Graphic

However, Mr Hanna refuted those assertions and said signing on to the agreement would rather develop the economies of member states.

“EPA aims to change the approach of trading and aiding between EU and member countries and Ghana is no exception,” he said.

While acknowledging the concerns of the various groups, the ambassador said there was the need to look at the broader benefits the EPAs would offer member countries rather than the negatives.

Access to EU market

The EPA will allow Ghana and other ECOWAS member states to have 100 per cent access to the European market except for rice and sugar, while EU countries will have 75 per cent access to the ECOWAS market duty free and quota free.

Mr Hanna indicated that signing the EPAs would lead to the creation of jobs in the sub-region by strengthening the agricultural and manufacturing sectors and help grow the Gross Domestic Product (GDP) of ECOWAS states due to the bigger market the EU offered.

IMF Programme

On the IMF programme with Ghana, Mr Hanna said it was a positive move, noting that some European countries also called on the IMF for a bailout whenever they faced similar challenges.

He said it would offer Ghana the fiscal discipline in the management of its economy.

Editor

Mr Tetteh commended the EU for its support for the country over the years. He, however, called for increased support and collaboration with Ghana and West African countries.