Ghana, 33 others
to get greater access to US market
Ghana, 33 others
to get greater access to US market
Accra (Greater Accra) 03 November
2000
Ghana and 33 other African
countries are to benefit from greater duty and quota free access to the United
States market under the African Growth and Opportunity Act (AGOA), the Ministry
of Trade and Industry said in a statement on Thursday.
The Ministry said Ghana's
eligibility opens possibilities for enhanced export diversification and
expansion, adding that government will facilitate the positioning of the
private sector to exploit the opportunities provided by the act.
The act, which came into force on
October 1, this year also provides security for investors and traders in African
countries by ensuring Generalised System of Preferences benefits for eight
years, compared to two years for non- African countries.
There are also duty and quota free
benefits to African clothing made from US produced yarn and fabrics as well as
those from Africa.
US estimates indicate that the
measure will boost African clothing trade from the current 250 million dollars
to 4.2 billion dollars by 2008.
AGOA is to assist African
countries committed to economic and political reforms, market incentives and
private sector growth, to chart a new course from development assistance to
economic self-reliance.
The act would also help to
accelerate private sector development on the continent, create new economic
opportunities and promote development.
To be eligible, countries must
demonstrate commitment and establish a market based economy that protects
private property rights, ensures rules-based trading system and minimises
government interference through price controls, subsidies and ownership of
assets.
They must also uphold the rule of
law, political pluralism and the right to due process, a fair trial, equal
protection under the law and eliminate barriers to US trade and investment as
well as establish a framework for trade and investment disputes resolution.
The countries must also combat
bribery and corruption and recognise workers' rights. To protect the system
from abuse, beneficiary countries are to guard against illegal transhipment of
textile products.
The US will provide technical
assistance to the countries on legislation and regulations and train officials
on anti-transhipment enforcement.
The US will report annually on
anti-transhipment measures taken by the sub-Saharan African countries and also
send a verification team each year to at least four countries.
GRi…/
Accra (Greater Accra) 03 November 2000
The Ghana Association of Bankers, on Thursday, November 2, announced the following average inter bank exchange rates of the cedi equivalent to the dollar and derived rates for other major foreign currencies:
Currency Buying Selling
US Dollar 6,589.73 6,813.45
Pound Sterling 9,534.68 9,863.15
French Franc 861.39 889.93
Swiss Franc 3,704.51 3,827.38
Deutsche Mark 2,887.55 2,986.12
Canadian Dollar 4,301.68 4,445.26
Japanese Yen 60.91 62.95
Dutch guilder 2,564.81 2,650.03
S/African Rand 878.16 906.58
Euro 5,650.18 5,839.64
CFA Franc 8.61 8.90
Naira 65.02 67.22
Ecowas/WAUA 8,312.65 -----------
GRi…/