GEPA looks to $261bn UAE consumer market to achieve $25bn NTE exports target
The Ghana Export Promotion Authority (GEPA) as part of measures to achieving its set $25.3bn export earnings from Non-traditional Exports (NTEs) has increased its focus on the UAE market.
With a large consumer market valued at $261bn, GEPA hopes to be able to reach its $25.3bn NEDS target by increasing the exports of NTEs to the UAE.
Speaking during the SME Exports to Dubai Webinar, Chief Executive Officer (CEO) of GEPA, Dr Afua Asabea Asare, noted government through the implementation of the National Export Development Strategy (NEDS) has commenced and implemented key interventions to support SMEs exporters and improve the country’s export ecosystem to make it easier and competitive for Ghanaian exporters.
Using the production of cashew as a case in point, Dr Asabea Asare, noted the government has and continues to undertake the mass spraying of cashew farms across the country, an initiative that has seen cashew production yields increase by 43%.
Adding that, government, on the back of the success chalked, has launched the Cashew Development Plan to increase production from 80,000 metric tonnes to 300,000 metric tonnes and increase export earnings from $197m to $1bn by 2027.
The UAE consumer market rose to a total value of $261bn in 2021 from $183bn in 2016, revenues from the sector amounts to $24bn and is further expected to grow to $50bn in the next four years ie by 2026.
Given the high demand for NTEs such as cashew by the UAE market, this presents a great opportunity particularly for Ghanaian SMEs to take advantage and export to the UAE.
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70% of commodities exported to the UAE in 2019 and 2020 were mainly NTEs which were agric products, handicrafts and processed products.
Speaking also at the webinar was Chief Executive Officer (CEO) of Ghana EXIM Bank, Lawrence Agyinsam, who expressed the bank’s readiness and support to finance exports of SMEs into the UAE market.
According to him, the government’s plan to increase NTEs and achieve the set $25.3bn target falls in line with the bank’s objectives as an export and import bank.
“We assure SMEs of our support, we will continue to finance exporters, particularly SME exporters. Be assured that the Ghana Exim Bank is your (SMEs) bank when it comes to exports,” he stated.
“We encourage SMEs to continue to exporting to the UAE so that Ghana can increase its exports to the UAE from 44% to almost 100% in the next few years,” he added.
