Services in the Ghanaian Economy

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1 Services in the Ghanaian Economy Martin Williams Ministry of Trade and Industry 15 June 2010 Alisa Hotel Coalition of Services Industries Consultative Workshop

2 Summary Composition of the services sector Services exports Services negotiations WTO EPA

3 COMPOSITION OF THE SERVICES SECTOR

4 Sectoral composition of Ghana's economy, 2008 Services: 5.74 billion GHC Construction and utilities: 2.1 billion GHC Net Indirect Taxes 9% Services 32% Utilities and Construction 12% Agriculture 34% Industry (Mining & Manuf.) 13% Data: GSS

5 Ghana s services sector, 2008 Government Services 25% Community, Social and Personal Services 4% Private Non- Profit 2% Electricity and Water 6% Construction 22% Finance, Insurance, Real Estate, Business Services 11% Wholesale, Retail, Hotels, Restaurants 18% Transport, Storage, Comm. 12% Data: GSS

6 Growth rate by sub-sector, % 14% 12% Annual growth rate 10% 8% 6% 4% 2% Producers of Private Non-profit Services Community, Social and Personal Services 0% Data: GSS

7 Services sub-sectors growth rates, Annual growth rate 16% 14% 12% 10% 8% 6% 4% Wholesale and Retail Trade, Restaurants and Hotels Government Services Transport, Storage and Communication Producers of Private Nonprofit Services 2% 0% Community, Social and Personal Services Data: GSS

8 Services sub-sectors growth rates, % Annual growth rate 14% 12% 10% 8% 6% 4% 2% 0% Construction Finance, Insurance, Real Estate and Business Services Wholesale and Retail Trade, Restaurants and Hotels Government Services Transport, Storage and Communication Producers of Private Nonprofit Services Community, Social and Personal Services Data: GSS

9 Services sub-sectors growth rates, % Annual growth rate 14% 12% 10% 8% 6% 4% 2% Construction Finance, Insurance, Real Estate and Business Services Wholesale and Retail Trade, Restaurants and Hotels Government Services Transport, Storage and Communication Producers of Private Nonprofit Services Community, Social and Personal Services 0% Data: GSS

10 SERVICES EXPORTS

11 Ghana s services exports US$1.83 billion in exports in 2007 Data is poor, but mostly tourism 2000 Ghana service exports, US$ millions US$ millions Data: Africa Development Indicators

12 Opportunity in ECOWAS Ghana is largest exporter in ECOWAS Regional services imports: US$24 billion 16,000 14,000 Millions US$ 12,000 10,000 8,000 6,000 4,000 2,000 - Exports Imports Data: Africa Development Indicators, 2007 or most recent available

13 Ghana s competitors But Ghana lags behind other African competitors Services exports, 2007, US$ billions Cote d'ivoire Senegal Nigeria Ghana Mauritius Kenya South Africa

14 Global Services Location Index Ghana is top in sub- Saharan Africa but only 15 th overall. Ghana is top globally for Financial Attractiveness but bottom globally for People Skills and Availability. Rank Country 1 India 2 China 3 Malaysia 4 Thailand 5 Indonesia 6 Egypt 7 Philippines 8 Chile 9 Jordan 10 Vietnam 11 Mexico 12 Brazil 13 Bulgaria 14 United States 15 Ghana 16 Sri Lanka 17 Tunisia 25 Mauritius 26 Senegal 39 South Africa

15 Non-traditional services export strategy Three components Awareness raising Identification and removal of constraints Sector-specific promotion Business process outsourcing Consultancy Higher education Medical tourism

16 SERVICES NEGOTIATIONS

17 World Trade Organization GATS General Agreement on Trade in Services Multilateral Negotiations currently stalled Ghana under little pressure Existing GATS commitments Telecommunications, construction, education, finance, tourism, transport Ghana already relatively open Draft 2005 offer revisit? Pros and cons of GATS bindings

18 Economic Partnership Agreement Ghana IEPA does not include services Regional EPA is goods-only, but with services rendez-vous clause Draft services framework Regional integration in services Caribbean experience

19 Negotiations framewoork Inter-Institutional Committee on Trade Services sub-committee Request-offer negotiations Offensive Defensive Regulatory audits

20 THANK YOU! Martin Williams

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