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BusinessGEPA targets US$25bn in 5 years, with Ghana earning US$3.94bn in 2023

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GEPA targets US$25bn in 5 years, with Ghana earning US$3.94bn in 2023

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Ghana’s non-traditional exports approached nearly $4 billion in 2023, marking an 11% rise from the $3.53 billion recorded in 2022.

Despite this progress, the figure remains $21 billion short of the ambitious $25 billion target set for 2029 by the National Export Development Strategy (NEDS). However, the Ghana Export Promotion Authority (GEPA) remains confident about meeting this goal within five years by building on recent achievements and leveraging key investments.

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According to the Bank of Ghana, the $3,944,146,717 earned in 2023 from non-traditional exports, including shea butter, iron and steel products, and coconut, represents 24% of the total national export revenue of $16 billion.

The significant increase in 2023 is attributed to initiatives aggressively pursued by GEPA over recent years. Programs like the coconut revitalization and pineapple expansion, which provide farmers with seedlings and inputs, have solidified Ghana’s position as the leading African exporter of these products.

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GEPA also facilitates market access for Ghanaian producers and exporters through trade fairs and expos worldwide, allowing exporters to concentrate on production while GEPA markets their products.

This information was shared by Dr. Martin Akogti, Head of Research, and Mr. Chris Amponsah Sackey, Head of Public Relations at GEPA, during an interview with Solomon Anderson on the Eye on Port program on Accra’s Metropolitan television last Sunday.

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Chris Amponsah Sackey highlighted GEPA’s commitment to diversifying non-traditional exports and expanding the reach of local products through initiatives like the GEPA Impact Hub. This flagship program offers market research services for exporters and features a technology-driven database that connects users to the global marketplace. He encouraged exporters to utilize this state-of-the-art facility.

“So as an exporter or one who wishes to export you can come in and do your research on the product that you want to export to know which countries you can even take these products to and the good thing is that we have officers there to even assist you. This database is quite expensive so individuals are not able to purchase them because you have to keep renewing them almost every year. At the Ghana Exports Promotion Authority, we have all these things and we don’t charge exporters any fee”, he stated.

Mr. Sackey also stated that while his outfit continues its strategic partnership with key stakeholders, monetary support from the government will help make the 10-year target pronounced in the NEDS a reality.

“So all things being equal, if all the things that we need are provided, then we should be able to get to that US$25.3 billion dollars. For example, the document will tell you that we need about US$2 billion dollars to be able to reach the US$25.3 billion dollars,” he indicated.

However, the Head of Research at GEPA, Dr. Martin Akogti, revealed that another hurdle, that continues to serve as a stumbling block is the sad reality where many Ghanaian producers are unable to meet the export demand where they have obtained market access.

“If a company outside requests for a monthly supply of a 20ft-container-full of coconut, many Ghanaians will not be able to provide.”

This is why Ghanaian exporters must associate themselves with the Export Promotion Authority, sign up for the Export School, and take advantage of other tools at their disposal, to augment their capacities to produce at a wide scale.

For Small and Medium Scale Enterprises, the GEPA officials said, due to logistical challenges in delivering at large scale, the Authority is able to help achieve export success by facilitating the consolidation of goods with other exporters.

The Trade House in Kenya, the first of many similar projects to come, they said, has garnered remarkable attention serving as a one-stop-shop for Ghanaian products. They urged exporters to reach out to GEPA to partake in this great opportunity.

Dr. Martin Akogti also disclosed that his outfit is working with the Ghana Roots, Crops, and Tubers Exporters Union to augment the performance of yam and other related products on the international market.

He said a review of the NEDS document will soon be conducted to measure current performance against the original vision in 2020.

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