In a significant move to enhance the competitiveness of exports from West African countries, the European Union (EU) has committed €120 million to this strategic endeavor. This investment is poised to amplify the presence of products from Ghana and other West African nations on the global market. The substantial funds allocated underpin the EU’s commitment to bolstering trade and economic development in the region.
Within the context of this initiative, a substantial portion of the funding – exceeding GH¢100 million – has been allocated to Ghana. This allocation is aimed at fortifying three key value chains: cassava, mango and pineapple, and cosmetics and personal care products. The infusion of funds into these areas is intended to elevate the competitive edge of Ghanaian exports in the global marketplace.
Spanning a period of three and a half years, this investment aligns with the West Africa Competitiveness Programme (WACOMP), a collaborative undertaking between the Economic Community of West African States (ECOWAS) and the EU. WACOMP’s overarching objective is twofold: to enhance the competitiveness of West African products and to facilitate the integration of ECOWAS countries into both the regional and international trading systems, including the African Continental Free Trade Area (AfCFTA).
The architect of this initiative, Timothy Dolan, the Team Lead responsible for Trade and Microeconomics at the EU Delegation in Ghana, emphasized the alignment of the programme with UNIDO’s (United Nations Industrial Development Organization) five Cs of competitiveness: compete, connect, conform, coordinate, and credit. Dolan shared these insights during the WACOMP Ghana International Cluster Conference held in Accra.
Stavros Papastavrou, UNIDO’s Officer in charge of Ghana and Liberia, praised the collaborative efforts of the government, EU, and UNIDO in driving the success of WACOMP-Ghana. He highlighted the significance of this initiative for small and medium enterprises (SMEs) in contributing to the economic growth of West Africa. Papastavrou underscored the need for SMEs to have equitable access to markets, trade, and finance to realize their full potential.
Yaw Nimo, the Chief Director of Ghana’s Ministry of Trade and Industry, commended the coordination and collaboration between the government, UNIDO, and the EU. He noted that this investment aligns with the government’s commitment to fostering transformative agriculture, trade, and industry, thereby propelling the economy on a sustainable growth trajectory.
This momentous investment not only underscores the EU’s commitment to bolstering West Africa’s exports but also exemplifies the collaborative spirit that drives such initiatives. The WACOMP Ghana International Cluster Conference, organized by UNIDO, the EU, and the Ministry of Trade and Industry, brought together key stakeholders, cluster experts, industrial specialists, and SMEs to discuss the transformative potential of cluster development across West Africa. Under the theme “Ghanaian Clusters, A Driving Force for the Economy,” the conference showcased innovative outcomes in the fruits, cosmetics, and cassava value chains, key targets of the West African Competitiveness Programme.
As this strategic investment unfolds, West African exports are poised to gain a competitive edge in the global marketplace, reflecting the EU’s dedication to fostering economic growth and sustainable development across the region.
Source : Graphic News