The facilitation of trade goes beyond the Single Window Implementation, as investing in infrastructure is key to the facilitation of trade in the country, Minister for Trade and Industry, Mr. Alan Kyerematen has indicated.
Speaking at the National Single Window Conference (NSW) 2017 in Accra, the Trade Minister said, the putting in place the necessary infrastructures at the various point of entry into the country will see to the realise the full benefit of the single window.
In addition to the infrastructure, there is the need for the right logistics to be put in place, as well as the digitization of trade in the country.
This would enhance the country to harness the wide benefits of the Ghana Single Window Implementation.
The country is estimated to reduce the cost and time of international trade (import, export and transit) by 50 percent and 25 respectively, through the implementation of the single window.
This would have an immense impact on the international competitiveness of Ghanaian businesses and should all other things be held constant, may result in a strong growth in the country’s international trade performance.
In the “Trading Across Borders Report” of 2016, the country ranked 171, however, the country is likely to rank 121 by 2021 due to the implementation of the single window. Similarly, the ranking with the Sub-Saharan Africa (SSA) regions could also increase from 36 to 16, all other things held constant.
The country stands to gain the prospect of the positive impact of foreign direct investment. Since the trade efficiency that the single window brings, will greatly enhance the attractiveness to investors.
The single window is funded from the existing one percent fee on imports and exports.
The minister reiterated the government’s plans of the well-known one district, one factory, strategic anchor industries, as well as working with the private sector in the establishment of at least one major industrial park in every region in the country.
Source: Amlanu Joshua Worlasi || goldstreetbusiness