GHANA: EU Economic Partnership Agreement Implemented
11 August 2021
Ghana has begun implementing the Ghana-European Union interim Economic Partnership Agreement (iEPA) that came into effect from 1 July 2021. The implementation will start liberalising its markets for 80% of the EU’s export volume to the country. Under the iEPA terms, Ghana will conduct cumulative tariff cuts for approximately 22% of applicable tariff lines within this year, 50% by the end of 2024 and 100% by the end of 2029.
According to a joint statement from Ghana and the European Union, the iEPA covers trade in goods only, and provides Ghana-made products with duty-free, quota-free access to the EU market in exchange for progressive liberalisation of tariffs for EU exports to Ghana. All imports from Ghana, excluding arms and ammunition, have already enjoyed duty-free quota-free access to the EU market since December 2016, but the elimination of tariffs on intermediary goods and machinery from the EU will result in cheaper inputs for the products Ghana produces. This will allow locally made goods to become more competitive, and support Ghana’s industrial development and its integration into global value chains, the statement said.