Minister of State in charge of Public-Private Partnership says government is ready to sign the controversial Economic Partnership Agreement (EPA) which critics say, will hand over the economic control of 16 West African states to the European Union (EU).

Rashid Pelpuo says it will be too costly not to sign because the EPA is tied to 'aid, technical assistance, political relationship and trade'

The EPA has gone through serious negotiation process aimed at granting access to European and African markets. Discussions have travelled for 12 years. The European Union wants 100% tax free access on African markets but Ghana and some other West African countries are negotiating for between 60% to 75% access.

The agreement will involve reducing and removing import duties of European manufactured goods from roofing sheets to toilet rolls. Europe will also remove quotas, duties on African exports to the EU.

According to the EU the EPA is intended to "foster  African, Caribbean and Pacific [ ACP Countries] integration into the world economy, thereby promoting their sustainable development".

Two West African countries, Côte d'Ivoire and Ghana,  initialled an interim EPA  with the EU at the end of 2007. The interim EPA with Côte d'Ivoire was signed on 26 November 2008.

But in an expected turn of events, the Economic Community Of West African States (ECOWAS) rallied by Nigeria, held off  the signing of the agreement last week, asking for time to resolve some 'technical' issues.

The decision was hailed by the media, anti-EPA Civil Society Organisations and Dr. Vladimir Antwi-Danso, an international relations expert as a refusal to bow to the European pressure.

But any celebrations of national assertiveness will not last. 

Speaking on Joy FM and Multi TV's Newsfile, political analysis programme, on Saturday, the Minister of State argued that in the absence of a viable alternative, Ghana's economy stands little chance of boycotting the agreement.

'So if your budget is not balancing and everytime you depend on somebody to balance your budget and you now  say you won't sign, they will pull out in that aid becuase it is tied to it. If they were giving technical assistance to your ministries, departments, agencies and you now say you won't sing, they will pull out of it," he explained.

Ghana will face economic consequences if it is unable to sign by the October 2014 deadline. Local businesses exporting to the EU will have to pay full export duties which could collapse their businesses.

"We have to get to a point where we have to agree an sign this agreement. We can't continue to say we won't sign and not give reasons why we won't sign" he said.

In view of the difficult position Ghana finds itself, the Minister says "We are ready to sign the EPA".