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Ghana News

EU Invests €6.2 Million to Boost Ghana’s Export Competitiveness

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Ghanaian businesses received a boost in their competitiveness on the international market as the European Union (EU) invested GH¢75 million (€6.2 million) in the West Africa Competitiveness Programme (WACOMP). The initiative aims to improve the competitiveness of West African products, with a particular focus on three value chains – cassava, fruits (mango and pineapple), cosmetics, and personal care products.

During the WACOMP Ghana SMEs Product Exhibition in Accra, the EU Ambassador to Ghana, Irchad Razaaly, stated that the investment would give Ghanaian businesses better access to regional and international markets, enhancing their competitiveness. Over 50 EU-supported SMEs showcased their products at the exhibition, including Unique Solution Farms, Ghana Home Foods, NyCa Pro Beauty, Leam Shea Products, Agape Cosmetics, Exotic, and Hapriam Cosmetics.

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The investment from the EU was made over the last four years, as part of a partnership with the Economic Community of West African States (ECOWAS) to enhance the integration of ECOWAS countries into the regional and international trading system, including the African Continental Free Trade Area (AfCFTA).

The WACOMP initiative is critical to the government’s efforts to improve Ghana’s competitiveness and export capacity on the international market. According to the Chief Director of the Ministry of Trade and Industry, Patrick Yaw Nimo, the government is committed to partnering with many international organizations to improve the country’s competitiveness.

In a nutshell, the WACOMP Ghana SMEs Product Exhibition was an opportunity for over 50 EU-supported SMEs to showcase their products, build better access, and become more competitive in regional and international markets. The investment from the EU over the last four years will help to strengthen the competitiveness of Ghanaian exports and support sustainable production and processing. For the most part, the exhibition was a unique opportunity to promote the success stories of small and medium Ghanaian businesses in key value chains, including tropical fruits, cassava, and shea butter, which are important export items for the country.

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