The state export promotion agency, Ghana Export Promotion Authority (GEPA), is on course with its ambitious target of mobilizing US$25.3bn in total export earnings in its ten-year national export development strategy (NEDS).
The authority in 2019 launched its strategic exports development document to spearhead the growth and fiscal gains from non-traditional exportable products and services, with clearly outlined measures for expanding the nation’s export basket, fostering value addition and access to strategic markets.
According to GEPA, the results of such pragmatic interventions were to generate an estimated US$25.3bn in export earnings by the end of the ten-year period.
In the fifth year of the projected 10-year tenure, GEPA mobilized US$3.94bn in total export revenue—the highest so far—and which was some 11percent over the previous year’s figure of US$3.53bn, according to latest data from the outfit.
Further analysis of NTEs earnings over the last five years show an impressive steady growth in figures since 2020, and having accrued about US$16.54 in export earnings to the state—US$2.90bn in 2019, US$2.84bn in 2020, US$3.33bn in 2021, US$3.53bn in 2022 and US$3.94bn in 2023, respectively.
Officials from the authority are rock-sure that the projected US$25.3bn target by 2029, as stipulated in the NEDS remains doable and attainable.
Head of Public Relations at GEPA, Chris Amponsah Sackey, says the authority is banking on its strategic partnership with key stakeholders and monetary support from government to achieve that.
“So all things being equal, if all the things that we need are provided, then we should be able to get to that 25.3 billion dollars.
For example, the document will tell you that we need about 2 billion dollars to be able to reach the 25.3 billion dollars,” he said on the GPHA’s Eye on Port programme.
GEPA is also optimistic that it would reap the fruits of rigorous investments over the years that are aimed at entrenching the nation’s non-traditional exports basket as well as whilst growing the volume and value of traded products.
However, a key obstacle to this go-getting dream must be addressed, according to GEPA’s Head of Research, Dr. Martin Akogti.
“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,” he shared on the same programme.
“If a company outside requests for a monthly supply of a 20ft-container-full of coconut, many Ghanaians will not be able to provide,” he disclosed.
Dr. Akogti said that a review of the NEDS document will soon be conducted to measure current performance against the original vision in 2020.
GEPA continues to also provide market access to Ghanaian producers and exporters through their core promotional activities such as trade fairs and expos in countries across the globe.
This has been crucial in helping exporters focus on their core competencies while allowing the professionals to market on their behalf.
For small and medium scale enterprises, GEPA is able to help achieve export success by facilitating the consolidation of goods with other exporters.