- August 15, 2020
- Posted by: Jeremiah Olawepo
- Category: Others
The International Chamber of Commerce (ICC) Ghana has established International Commercial Terms (Incoterms) to guide the actions of import and export professionals across the country. The new guidelines were launched in collaboration with management consultancy Westblue Consulting.
The move comes as Ghana is looking to up its participation in the African Continental Free Trade Area (AfCFTA), which will mean significant increases in the country’s import and export activity. In such a context, an established international set of guidelines will offer a basis for growth in trade.
Ghana is among the most prominent economies in Africa, and has grown in profile as a financial centre in West Africa recently. The country’s high degree of political stability, and a booming domestic business sector have combined to give it an economic stronghold in the region.
More participation in the AfCFTA is an attempt to consolidate this position. The launch of Incoterms coincides with a number of other policy measures taken to further this agenda, as part of a three-year reform initiative that is designed to improve efficiency and transparency across Ghana’s trade environment.
West Blue Consulting has been among the most vocal commentators on Ghana’s growth story. The firm has not only supported the launch of Incoterms, but is also an expert in trade and customs following the acquisition of Dubai-based trade solutions firm Customs World. The firm has since become a technical supporter for many customs organisations in the country.
Commenting on the new guidleines, Ghana’s Deputy Minister for Trade and Industry Carlos Ahenkorah said, “Ghana stands to benefit significantly from the AfCFTA and its anticipated positive impact on growth through a number of channels including a huge market outlet, high investment, deepening into African trade, welfare benefits from lower import prices, production efficiency, increase in output, higher value added jobs and exports.”
“The ministry of trade and industry have been at the heart of this structural change with the implementation of aggressive industrialization agenda and a focus on deepening intra-regional trade,” he added.
Secretary General of the ICC Ghana, Emmanuel Doni Kwame added, “It’s been launched for people to go through to know the new set of voluntary rules that govern trade and based on that to decide on the set of incoterms rules they need. It guides both buyers and sellers in international trade. If you’re an importer or exporter you should know which set of rules will help your business.”