Kofi Bentil, Vice President of IMANI Ghana, a policy think tank, believes in the absence of a better strategy, Ghana would have to sign the Economic Partnership Agreement (EPA) to survive.

The policy analyst says although there are issues with the Agreement, a strategic approach could benefit the country.

Ghana has three years to fully sign onto the Agreement, althought it has been running on an interim EPA since 2007.

Understanding the EPA

According to an analysis by the West Africa Civil Society Institute (WACSI), the signing of the agreement opens up the market to about 80% to imported goods from European Union which will eventually out-compete domestic products which are either similar or substitutable.

According to Ministry of Trade and Industry, signing the Interim EPA will cost government an annual tariff revenue loss of between $150 million and $374 million.

70% of Ghana’s current export to the European Union (EU) market is duty free since Ghana signed the interim EPA and will continue to enjoy preferential market access.

But if the EPAs are not signed, then some selected companies will pay a maximum combined import duties to the European Union to the tune of $52 million dollars annually according to United Nations Economic Commission for Africa (ECA) and South Centre’s calculations.

In addition, by the account of the companies themselves, a maximum of about 4,000- 4,500 jobs will be threatened.

To sign or not to sign, that is the question

Speaking on Multi TV's PM Express, Kofi Bentil who is "neither a fan or against the EPA" is backing the signing of the deal because Ghana has no option.

Giving out a lesson on strategy, Kofi Bentil says "sometimes you do a bad deal just to survive for the short run. But if you are smart, then while you do a bad deal to survive, you shore up your leverage so when the next time comes around you will be in a better position to negotiate better for yourself".

There is no need to be emotional about the EPA or blame colonialism for our plight, he stated, because the real problem is that leaders lack a strategy stemming from a reality that Ghana's leaders have switched off their brains.

"They are thinking about what is good for them, you too think about what is good for you...the EPA is not your problem, development is thinking intensive" he said.

He said Ghana finds herself in this environment of under-development because, it has sat down for about 30 years running on a "Guggisberg" colonial economy.

Drawing contrasts between developed economies and Ghana, the policy analyst said "we have 12 months of sunshine in this country, we can't grow food, they have 3 months and they feed us...somebody has been able to take out a heart and put it into another person's chest and the guy goes running and we can't dig gutters"

Contrary to a widely held opinion that, the EPA will kill Ghana's economy, Kofi Bentil says Europe is using a strategy which essentially says 'don't kill your customer' but provide him with "mutually beneficial exchanges".

He suggested things will have to get bad before it forces us to start thinking for ourselves as a country if we want to make things better.

"Nobody stops us from making certain choices [to develop]? Who says we have to drink milk? who says lawyers must wear a wig and collar? .. think for yourself . if you choose not to think and you keep buying V8 and running them that's your choice."

He suggested the EPA could be a wake-up call for Ghana to start thinking her way out of problems.