Following the start of trading under the African Continental Free Trade Area (AfCFTA) on January 1, 2021, President Akufo-Addo has reiterated government’s commitment to ensure that adequate financial and human resources are mobilized to make Ghana the new commercial centre for trade, finance and investment on the continent.
AfCFTA is an agreement among 54 African countries with an estimated potential of lifting 30 million Africans out of extreme poverty, boost Africa’s income by $450 billion by 2035 and also increase Africa’s exports by $560 billion.
Speaking at a business forum on the Implementation Arrangements for the start of the AfCFTA trading in Ghana, President Akufo-Addo explained that government will also implement various strategic policy reforms to ensure the success of the agreement.
“Government’s strategy for supporting the private sector to boost exports to other African countries underpins our national action plan for boosting intra African trade and the national export development strategy. The implementation of the government flagship and priority programs such as the one district one factory initiative, the program for planting for food and jobs. Planting for food and export program, the strategic and industries initiative, the port modernization program and the new integrated trade facilitation and customs management system.
The ICUMS is designed to transform the Ghanaian economy and position Ghana as the new manufacturing hub for the region. Government is committed to ensuring the adequate financial and human resources are mobilized to make Ghana the new commercial center for trade finance on the continent, the duty wished to fulfill as host country of the AFCF secretariat,” he said.
He further charged all state institutions to ensure that Ghana earns its target of 25 billion dollars in non-traditional exports in the next ten years. According to him, this will be a huge benefit for the private sector with the commencement of the AfCFTA.
AfCFTA is a free trade area founded in 2018, with trade commencing as of 1 January 2021.
It was created by the African Continental Free Trade Agreement among 54 of the 55 African Union member nations.
The free-trade area is the largest in the world in terms of the number of participating countries since the formation of the World Trade Organization.