The Convention People\u2019s Party (CPP) has estimated it would cost Ghana the price of 30 hospitals and several millions of dollars if the country signs onto the Economic Partnership Agreements (EPA).<\/p>\n
The party is also claiming that about 43,000 direct jobs would be at risk if the agreement is signed<\/p>\n
A press statement signed by the CPP\u2019s Director of Communications,\u00a0Nii Armah Akomfrah said: \u201cGhana is expected to lose between US$1.12 billion and US$5.23 billion over a 14-year period – this is the equivalent of up to 30 highways or ultra-modern hospitals.\u201d<\/p>\n
The statement also said: \u201cSigning the EPA will have a negative effect on the local manufacturing sector and put a minimum of 43,000 direct jobs at risk.\u201d<\/p>\n
Civil Society Organizations (CSOs) have criticized government\u2019s decision to sign \u00a0onto the EPA with the European Union (EU).<\/p>\n
The Trades Union Congress (TUC) is also pleading with government not to sign the EPA.<\/p>\n
Government however at a stakeholder\u2019s consultative forum in Accra addressed by the Ministers for Trade and Foreign Affairs, Haruna Iddrisu and Hannah Tetteh respectively, pointed out the relevance of signing the EPA with the EU.<\/p>\n
According to them, Ghana is expected to gain more if it should migrate onto the European market.<\/p>\n
Speaking further on\u00a0Citi Prime News<\/strong>, Mr. Akomfrah said the party\u2019s estimation of job losses was based on an earlier estimation by the Ministry of Trade, saying, \u201cthe 43,000 job losses is actually the Ministry of Trade\u2019s own estimate of losses in the manufacturing sector.\u201d<\/p>\n According to him, Ghana will also become an import dependent country if it signs onto the EPA.<\/p>\n He therefore, emphasized the need for government to come clean on the benefits the country would gain from signing onto the agreement, stating emphatically that \u201cwe need government to tell us what we are going to gain to counter the loss of 30 N1 highways.\u201d<\/p>\n <\/p>\n Below is a full statement issued by the CPP<\/strong><\/p>\n The Economic Partnership Agreement (EPA) has been much debated in recent weeks with supporters of EPA claiming that signing the agreement is mutually beneficial to Ghana and the EU.<\/p>\n Some say we should be guided by the principle of costs and benefits.<\/p>\n The Convention People\u2019s Party (CPP) wishes to note here the costs to Ghana of signing the Agreement with the European Union.\u00a0Those who are for can tell the nation what the benefits are against these losses.<\/p>\n JOB LOSSES<\/strong><\/p>\n Signing the EPA will have a negative effect on the local manufacturing sector and put a minimum of 43,000 direct jobs at risk.<\/p>\n REVENUE LOSS<\/strong><\/p>\n The tariff revenue loss for Ghana over the full implementation period of the EPA (through to 2022) is calculated to be in a minimum of $90 million annually. Ghana\u2019s Ministry of Trade and Industry\u2019s estimate is $150 million annually, and the United Nations and the South Centre\u2019s estimate is $374 million annually. Therefore, Ghana is expected to lose between US$1.12 billion and US$5.23 billion over a 14year period – This is the equivalent of up to 30 highways or ultra- modern hospitals.<\/p>\n LOSS ON POLICY SPACE<\/strong><\/p>\n Import and export tariffs are valuable trade policy tools. Signing of the EPA will take away the use of this important policy tool due to World Trade Organisation rules, which tie our hands and stop us from having flexibility and control over our own trade policy. Thus, we will lose the option of using tariffs and price mechanism as means of protecting our local industries and addressing our balance of payment deficits. The EPA will, therefore, derail our agenda to increase our manufacturing capacity and enhance our productive capabilities.<\/p>\n LOSS OF SOVEREIGNTY<\/strong><\/p>\n Signing the EPA would bar Ghana from entering into any trade agreement with a third party.\u00a0While this secures the interest of the EU, it deprives Ghana of the opportunity to enter any trade agreement with other developing countries such as China, India or Brazil. Overall, our ability to manoeuver within our own policy space is curtailed.<\/p>\n LOSS ON REGIONAL INTEGRATION<\/strong><\/p>\n Current weaknesses stemming from conflicting and overlapping regional trade agendas means that signing the EPA, will further undermine the development of regional markets.<\/p>\n The ECOWAS region is an economic space and most of the domestic job-creating industries export mainly to the regional market. Going it alone and signing the EPA will attract retaliation from players, which want to protect their market, e.g. Nigeria. There is also the budding regional financial, services and infrastructure market that Ghanaian companies can tap into. The EPA will undermine common political solutions to common economic problems.<\/p>\n