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Trade Sector Policies
The Ministry of Trade and Industry is pursuing
trade and industry measures which ensure a stable policy environment
for achieving a neutral status for Ghanaian industry, for
export development and promotion, an outward orientation of
the economy, and the enhancement of inter-sectoral co-ordination.
Harmonisation and rationalisation of trade and industry polices
are on-going.
Trade Sector Policies
In implementing medium-term policies in the
trade sector; account is taken of Ghana’s objectives
of participating fully in the globalised market, the rationalisation
of tariffs, and the promotion of intra regional trade.
Policies are therefore being pursued within the framework
of national macro-economic objectives and strategies that
take account of the opportunities presented by the Uruguay
Round results and other multilateral trade agreements.
In the medium term, trade sector policies that are the focus
of attention are:
a. Creation of a buoyant and self-sustaining
export sector
b. Promoting the establishment of
new industrial capacities and environmentally sound industrial
reasonable prices
c. Pursuit of efficient and effective
import management practices
d. Adoption of anti-monopoly legislation
and other regulations to protect the consumer
e. Pursuit of anti-dumping policies
in international trade through rationalisation of all tariff
and the identification of all non-tariff barriers to trade
f. active and effective participation
in multilateral trade for a secure increased market access
for Ghana's exports especially processed and semi-processed
goods and to achieve stable, air and remunerative prices
for commodities of export interest in Ghana
Industrial Sector Policies
The thrust of the industrial policy is the
promotion of an accelerated and sustainable industrial development
within a liberalised and global economic environment. Long-term
policy objectives in the main are:
a. Increasing industry share of GDP
to 37% (by 2020) from the current level of 16% with an average
growth rate of 12% .
b. Making Ghanaian
manufactured goods competitive in the domestic and international
markets.
c. Establishing effective linkages between
manufacturing, agriculture, education, services and . Other
relevant sectors
d. Ensuring that all
industrial operations are environmentally friendly
e. Securing increased
domestic and foreign private investment in Industry
f. Maximising the use
of local raw materials in the industry
Medium term objectives consist of:
a. Restructuring the
industrial sector and rehabilitating major industries, including
expansion, diversification and modernisation of existing viable
enterprises and enhancement of their competitiveness.
b. Promoting the establishment
of new industrial capacities and environmentally sound industrial
operations, including increased investment, development and
acquisition of appropriate technologies in the following areas:
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Food and agro-based industries, as
well as forest industries
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Building and construction industries
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Metallurgical industries
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Engineering industries, especially
electrical and electronic industries
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Textiles/garments and leather industries
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Chemical industries
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Energy-related and environmentally
friendly industries
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Packaging industries
c. Promoting the local
indigenous private sector and involving both local and foreign
private enterprises to a greater degree in the industrial
development of the country.
d. Enhancing Ghana's
international competitiveness in goods and services through
standardisation.
To enhance the achievement of these objectives,
considerable emphasis is placed on capacity-building, promotion
of women in industry, self-employment through entrepreneurial
development, and micro and small enterprises development.
Procedures for Purchase of Gold and Diamonds
- Processing of application forms requires a confidential
status report on the company. Whilst this is being done,
a temporary license may be issued not exceeding six months.
A company so issued with a temporary license may commence
purchase of rough diamonds only upon the payment in full
US$1,000 per month for the period approved and an up-front
payment transfer of not less than USD$250,000 is required.
All unutilized funds will be transferable. Fees for permanent
Licenses are US$12,000 per annum. This is renewable every
year.
- Permanent license holders are required to purchase not
less than US$150,000 worth of diamonds per month.
- All buying agents are provided with an office at Diamond
House with basic office furnishing for the purpose of
buying rough diamonds.
- A temporary or permanent buyer must engage resident
valuer(s) to purchase the rough diamonds by negotiating
directly with local winners and agents alongside other
buyers at competitive prices.
- All purchasing activity must be done in this office
at Diamond House and not at the mining sites.
- Rough diamonds purchased by License Buying Agents are
kept in a special box at the end of each working day and
transferred to PMMC for security safe keeping until required
by the agent.
- A commission of not more than 3% on the export value
of rough diamonds shipped at the request of the agent
to a designated address is paid to PMMC.
- A license will be withdrawn immediately for the following
reasons:
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Inactivity for a period exceeding
21 days without prior notice
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Buying diamonds outside the premises
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Infringement or violation of Ghana's
Mining Laws
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An official adverse report on the
status of the company
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Buying malpractice including dealing
with solely selected agents/winners
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Using the office for other purposes
other than buying diamonds
Source: ghanaemb
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