Following the start of trading under the African Continental Free Trade Area (fCFTA) on January 1, 2021, President Akufo-Addo has assured there will be intensified public education on the agreement in order to attract more businesses to take advantage of it.
AfCFTA is an agreement among 54 African countries with an estimated potential of boosting both intra-African trades by 52.3 percent by eliminating import duties. It also seeks to establish a single market for goods and services, allowing for free movement of business travellers and investments.
Speaking at the AfCFTA start of trading ceremony, President Akufo Addo promised to pursue efficiency with the agreement as well as intensify public education.
“A series of public sensitization programs across all the regions in the country with the private sector on the implementation of AfCFTA protocols, and effective trading on the market, public education will be intensified further.”
He further called on businesses that have been affected by the pandemic to use the AfCFTA to revive and expand their operations.
“The manifestation of that enduring dream from the founding fathers of or union to create an economically integrated and economically sustainable continent capable of ending our dependency on foreign assistance and eradicating poverty by harnessing our considerable resources human and natural begins today. We are determined to enter into a new era of industrialization and access to a single continental will be a game-changer on that journey as it will be the key to expedite and recover from the adverse effects of COVID-19”.
The trade agreement carries with it a huge business potential.
The World Bank estimates that this agreement will create the largest free trade area in the world measured by the number of countries participating.
The pact connects 1.3 billion people across 54 countries with a combined gross domestic product (GDP) valued at US$3.4 trillion.