The second edition of the Graphic Business/Fidelity Economic Dialogue is underway at the Movenpick Ambassador Hotel in Accra, on the theme, "Maximising the Value of Exports to improve Ghana's Trade Balance". Current and former Ghanaian Ministers of Trade are sharing their ideas on how to better grow exports and the national economy. Follow the event with our live updates.
8:03: Guests have arrived and are treating themselves to some snacks and beverages. Actual programme will get underway soon.
We are now underway.
Emcee for the event, Bernard Avle, welcomes guests to the event.
8:20: MD for Graphic, Ken Ashigbey, welcomes guests and affirms that “Solutions that will really work for Ghana are Ghanaian solutions to Ghanaian problems.”
8:24” Managing Director of Fidelity Bank, Mr Edward Effah, says the bank’s sole purpose is to contribute to the development of Ghana. He says Fidelity Bank is taking the lead in “banking the unbanked” in Ghana. Mr Effah says the bank is also Interested in the agric sector and the export sector.
According to him, it’s important that we bring together private sector players and politicians to dialogue frequently on how to grow the economy.
8: 33: Chairman for the occasion is Mr Kwasi Abiesi, who says he is honoured to be chairing the event.
Mr Abiesi said the timing of Graphic-Fidelity Economic Dialogue is good because the economy is facing problems.
Abiesi: “ I hope to see more of such discussions between past and current ministers and government officials for cross-fertilisation of ideas.
“We need to talk more to each other even if informally, so that we can have a cross-fertisation of ideas.”
The panelists for today are Mr Haruna Idrissu, Minister for Trade and Industry and Member of Parliament for Tamale South; Dr Kofi Konadu Apraku, former Minister for Trade and Industry; Alan John Kwadwo Kyeremateng, former Minister for Trade and Industry; Mr Gideon Quarcoo, CEO, Ghana Export Promotion Authority (GEPA).
8: 52: Haruna Idissu:
Ghana’s trade deficit stands at $20 billion in 2013. We must take advantage of large and expanded ECOWAS market. Government will work hard to diversify Ghana’s exports. Government is putting in place measures to reduce the cost of doing business in Ghana. The government is making effort to develop the "critical infrastructure" such as roads, port facilities, irrigation facilities that are required to improve Ghana's export capabilities.
9:10: Dr Kofi Konadu Apraku
Dr. Kofi Konadu Aparaku says government budget deficit has worsened.
Apraku: The problems we are facing demonstrates our lack of capacity,political will and good leadership to solve our export problems. Everything that needs to be done have be documented at the Ministry of Trade and Industry. Let’s get get to work and work in the interest of our country.
9:26: Alan John Kwadwo Kyeremanten
Among others, Kyeremateng advocates providing incentive framework for export development and establishing high level export coordination and harmonization committee chaired by the President.
Mr Gideon Quarcoo
Banks must join Fidelity Bank in lending support to exporters. Be authentically Ghanaian by valuing Ghanaian products.
9:55: Hannah Tetteh, former Minister for Trade and Industry
Hannah: Improve capacity of state banks to support agriculture. Focus on agro-processing, as it is an area where Ghana can gain a competitive advantage.
She explains that the Economic Partnership Agreement (EPA) gives West African products duty-free, quota-free access to the European Union (EU) market. Without this, she says, the products will not be competitive on the EU market.
She also gives the assurance that EU products will not be dumped on ECOWAS market.
10:10: The floor has been opened for members of the audience to ask questions.
The hall erupts in laughter as one participant cautions Ghana not to consider reducing or banning the importation of chicken because Ghana's land is not suitable for rearing chicken.
10:55: Fidelity Bank's Export Bonus Account has been launched.
11:00: Mr kwaw Ansah, CEO of TV Africa, rejects the assertion that Ghana's lands are not suitable for rearing chicken. He cited Darko Farms and Afariwaa farms, which he said used to produce chickens in huge quantities, but went bankrupt as a result of government neglect.
11:16: Chairman for the occasion, Mr Kwasi Abiesi, brings the event to an end by declaring support for an export bank and calling for attitudinal change among Ghanaians.