Continental free trade agreement would not hurt Ghana's economy – Ken Ofori Atta

Company News of Thursday, June 13, 2019

Source: Myjoyonline.com

2019-06-13

Finance Minister Ken Ofori-Atta said the implementation of the Continental Free Trade Area would result in minimal shocks and would not harm the country's economy.

According to him, the benefits "largely" offset the initial shocks that would be generated by the implementation of the African Free Trade Agreement on the economy.

Could the Continental Free Trade Agreement worsen Ghana's revenue problems?

In recent years, Ghana has struggled to meet its revenue targets. However, the government has stated that it will implement some measures to help meet this challenge.

This has, however, led some to argue that the implementation of the continental free trade agreement could present difficulties for the economy in terms of revenue generated by the movement of goods in the region.

Addressing JoyBusiness in Malabo, Equatorial Guinea, on the sidelines of the African Development Bank meetings, Ofori-Atta said some of the structures they have put in place, badociated Other measures would help to increase trade volumes in the port, which would help minimize costs. expected shocks on Ghana.

"If you have this seat here, it would also contribute to our goal of making Ghana the hub of financial and aeronautical activities in Africa," he said.
The African Free Trade Agreement and Ghana

The government of Ghana was one of the first countries to join the pact that is expected to create the world's largest single market, according to several badysts of economists and think tanks.

The agreement would make the region a potential market of 1.2 billion people and a cumulative gross domestic product of $ 3.4 trillion.

Ghana and the other 22 signatory countries of the Agreement would begin to be fully implemented as of July 2019.

According to the Minister of Finance, Ghana was one of the supporters of this agreement in the creation of the common market and it would be correct to have its seat in the country.

Why is Ghana pushing for this secretariat?

JoyBusiness has hired several government officials about the economic benefits expected from headquarters in Ghana.
Therefore, we are convinced of the immediate economic impact of the presence of the headquarters in the country.

According to the Minister of Finance, much work has been done and he is optimistic about the selection of Ghana by the African Union to host the secretariat, "in the light of the work done so far by the Minister Foreign Affairs and Trade and other ministers, I am convinced that we would have the seat "

He also added that President Akufo-Addo has also called on other leaders to ensure that Ghana can host the Accra headquarters.

Mr. Ofori-Atta believes that the headquarters in Accra would help to position the country as a preferred destination for doing business in Africa.

He also said it is also surprising that, despite the country's contribution to the African Union, it does not host its agencies.

Support the African Development Bank

The President of the African Development Bank, Mr. Akinwumi A. Adesina, at the opening of the annual meeting of the African Development Bank, called on member countries to increase the general capital increase of the Bank and contribute to the replenishment of the African Development Fund.

Ofori-Atta also agrees and said the move was going in the right direction. According to him, the time has come for Africa to have its own development bank.