- African Growth and Opportunity Act
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Make Effective Use of AGOA - US Commercial Attaché

Published date:
Thursday, 20 March 2003

Ms Janice M. Bruce, Commercial Attaché of the US Embassy in Accra has called on Ghanaian businessmen and women to use the African Growth and

Opportunity Act (AGOA) as an effective instrument to help them gain a better foothold on the international market.

"Much would depend on each Ghanaian company's approach to researching their markets, studying the demographics of their target audience, assessing customer needs, focusing on competitive pricing, quality and customer service".

Ms Bruce was speaking at the commissioning of the first Ghanaian firm to export locally made socks under the President's Special Initiative (PSI) on Garments and Textiles and AGOA at Tema.

The one-million dollar Network Knitwear Fabrics Limited, manufactures of sporting socks for export established in March last year, has so far exported about 400,000 dozens of socks.

The company, which employs 360 workers, is expected to export about four million dozens of socks this year and plans to expand its production with the importation of more equipment.

It is a joint venture between the Company and Kentucky Derby Hosiery and Southern Textile Exchange, both in the United States, which imports most of the raw materials, the labeling and printing from the US market and exports the finished products under AGOA to the US markets.

Ms Bruce said government policy, legal and regulatory framework, which governed the daily operations of commerce in Ghana and its relations with foreign investors, was of equal importance. "When these elements operating in harmony and unison, serve as the foundation for each company, then the benefits offered by AGOA could serve as a springboard to help the companies make the sale, find an investor or sign the long-term contract".

The US Commercial Attaché said trade was the answer and the means by which Ghana would succeed in its aspirations for a stronger economy and a better life for its citizens.

"This nation has embarked on a course which recognizes that trade, internal, regional and international is the most effective and sustainable means by which to generate employment, improve technical and managerial skills, transfer of technology and achieve a higher standard of living for the people". Ms Bruce said the commissioning of the factory, was a hallmark of progress, marking Ghana's advancement in international trade, further strengthening the commercial linkages between Ghana and the US. She said it also served to underscore the importance and the potential of the contributions that AGOA could make to Ghana's commercial and economic development.

"The impressive circumstances of this new venture highlight the fact that Ghana's private sector has accepted the mantle of responsibility to help propel the nation towards greater economic prosperity, human development and the achievement of the government's vision of a middle income status by the year 2020."

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