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    Modify old trade conventions to favor local printing firms – AGI tells govt

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    Ghana is the best destination for investment in West Africa – Bawumia

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    Modify old trade conventions to favor local printing firms – AGI tells govt

    Ken Ofori-Atta, Ministry of Finance for Ghana, gives an interview during day 3 of the AfDB Annual Meetings on 13 June 2019 in Malabo, Equatorial Guinea. (Photo by Malick Silue)

    Ghana sends debt restructuring proposal to official creditors

    IMF mission staff arrive in Ghana today to assess implementation of economic recovery programme

    WTO Chief urges African governments to increase trade, agric investment

    Publish gold-for-oil policy document to improve transparency – Dr. Manteaw

    Citi Business Festival 2023: Takeaways from reimagining digital economy forum

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    Ghana is the best destination for investment in West Africa – Bawumia

    African leaders urged to push for electronic cars over combustible automobiles 

    Modify old trade conventions to favor local printing firms – AGI tells govt

    Publish gold-for-oil policy document to improve transparency – Dr. Manteaw

    Re-consider computation of VAT for local industries- AGI tells govt

    IMF proposes acquisition, mergers of banks to mitigate financial sector instability

    Ghana and Côte d’Ivoire partner to tackle cocoa smuggling

    Mobile money disrupted banking in Ghana – Zeepay CEO

    Ghana’s oil reserve recording steady growth – GNPC CEO

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    #CitiBusinessFestival: Trust ecosystem needed to minimize e-commerce fraud – Benedict Bentil

    Citi Business Festival: Forum on Digital Economy comes off today

    Citi Business Festival: 8 pillars of digital economy by TechGulf’s CEO

    Cyber Security Authority mandate critical to country’s development – Joseph Cudjoe

    MTN shareholders given choice to convert dividend or take cash

    Ghana gets $300 million from US to build first-of-its-kind data center

    Telcoms industry players urged to partner government to promote clean energy transition

    Dominion University To Partner With USA Organisations To Set Up Centre Of Excellence For Artificial Intelligence

    Cyber Security Authority commences licensing and accreditation regime

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    BoG pushes for improvement in IMF’s lending framework to boost continent’s access to resources

    Foreign exchange: Several African countries have a shortage of US dollars – why this happens and how to fix it

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

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Africa must use COVID-19 to accelerate development through AfCFTA – GIPC CEO

bycitibusinessnews
June 1, 2020
in Economy
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The Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC) Yofi Grant, is urging member countries of the African Continental Free Trade Area (AfCFTA ) to leverage on lessons from covid-19 to accelerate development though trade.

Mr. Grant says Africa has the potential to become self-reliant and should be ready to embrace this misfortune to reposition the continent.

The World Bank in a recent forecast said the pandemic may push sub-Saharan Africa into recession in 2020 for the first time in 25 years.

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It adds that the region’s economy will contract 2.1% to 5.1%, from a growth of 2.4% last year, and that it will cost the region $37 billion to $79 billion in output losses this year, due to trade and value chain disruption among others.

But Mr. Yofi Grant told Citi Business News there are opportunities in the misfortune for Africa to take a leap.

“Now is the time for us to also look at smart cities. But now is the time Africa through the AfCFTA is building one big common market where we can develop ourselves, manufacture for ourselves and use our own resources for our own development. We can’t be the richest continent and yet have poor people” he noted.

“Preparedness is how you make yourself, and I think the continent is ready. We are seeing new leadership on the continent. There are young African persons who are portraying leadership skills, creating stuff and that one big market will be the single largest tariff free market in the world.”

AfCFTA must kick off in July despite COVID-19 threat – Group advocates

Policy and advocacy think tank, AfroChampions, has advised that the July 2020 date for the commencement of the African Continental Free Trade Area (AfCFTA) should not be rescheduled due to the outbreak of the novel Coronavirus.

The commencement of trading within the AfCFTA is slated for 1st July 2020.

According to the policy and advocacy think tank, though the highly anticipated July 2020 start of the AfCFTA is at risk, African governments can use the opportunity to rather trade in critical goods needed to fight the pandemic such as pharmaceutical and food products.

The African Continental Free Trade Area (AfCFTA) as of 2018 includes 28 countries.

It seeks to establish a single market for goods and services across 54 countries, allow the free movement of business travelers and investments, and create a continental customs union to streamline trade – and attract long-term investment.

With a combined market of over 1.2 billion people (which is expected to grow to 2.5 billion by 2050) and a GDP of $2.5 trillion, AfCFTA could potentially make Africa the largest free trade area in the world since the formation of the World Trade Organisation.

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