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Company News of Monday, July 15, 2019
Source: Kobla Agbenyegah
2019-07-15
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The Alliance for Development and Industrialization (ADI), one of the leading think tanks in the country, urges the administration headed by Akufo Addo, jointly with the Ghana Industries Association, the Chamber of Commerce and Industry Ghana's industry and the Ghana Export Promotion Authority mobilize $ 5 billion over the next five years to help industries not take advantage of the continental and African free trade area.
This vital support to these industries would help them grow, develop and create jobs for young people, which would encourage the government to raise taxes to support its development agenda.
It is also imperative that governments and the private sector catapult the dynamics of this continental free trade. Associations such as the Ghana Industries Association, the Ghana Chamber of Commerce and Industry, the Ghana Export Promotion Authority could also take advantage of it and use it as a ramp. launch for their members.
The government must urgently support and promote these institutional structures in order to explore the opportunities for entry into these countries.
Ghana was politically stable after being devoted to democracy in 1992 and proved to the world its political stability. "We are, however, grateful to our past Presidents, Jerry John Rawlings, John Kuffuor, John Mahama and our current President, Nana Akufo Addo, and especially to our Trade Minister, John Alan Kyeremanteng, for creating a favorable environment for the country. ", did he declare. .
The time has come for Ghana to take the lead and take advantage of this free continent to expand and strengthen its export market, as it has already done with the 1D1F and Planting for Exports Rural Development initiatives. .
"Ghana's economy can easily repay the $ 5 billion credit facility we demand through the export of commodities such as avocado, pineapple, coconut, sweet potato , among others, "says the report.
The United Nations Economic Commission for Africa estimates that this agreement will boost intra-African trade by 52% by 2022.
According to the ADI, "the government should be able to raise $ 5 billion to take advantage of this opportunity that would put an end to how the government will siphon the economy while maintaining demand. If we do not take advantage of this opportunity, it is likely that economic growth in this country will stagnate. We must seize this opportunity to redeem our credibility, our integrity and our ability to industrialize, "said Francis Mensah, head of the ADI.
"Government support to these industries should be based on a theoretical basis, so that the agriculture sector is concentrated through the Ministry of Agriculture, while the textile and tourism sectors should also be managed by the Ministries of Trade and Tourism. Indeed, we must think about all these sectors so that they can grow, "he said.
"We thank the government, especially the Minister of Trade, for its role in promoting such a program, but it poses a great challenge and the need to strengthen the industrial sector," the statement said.
The main objectives of the CAFTA are to create a single continental market of goods and services, with the free movement of business people and investments, and thus open the way to the future. acceleration of the creation of the customs union.
It will also develop intra-African trade through better harmonization and coordination of trade liberalization and facilitation as well as instruments across RECs and the whole of Africa.
ACFTA is also expected to strengthen the competitiveness of industries and businesses through the exploitation of large-scale production opportunities, access to the continental market and better reallocation of resources.
The establishment of the CFTA and the implementation of the Plan of Action to Boost Intra-African Trade (BIAT) provide a comprehensive framework for the pursuit of a regionalism development strategy.
The African Continental Free Trade Area (AfCFTA) is a free trade area, defined in the African Continental Free Trade Agreement between 54 of the 55 African Union Countries. The free trade area is the largest in the world in terms of participating countries since the creation of the World Trade Organization.
The agreement was negotiated by the African Union (AU) and was signed on March 21, 2018 by 44 of the 55 member states in Kigali (Rwanda). The agreement originally provided for the removal of tariffs by 90% of the goods, thus allowing free access to goods. commodities, goods and services across the continent.
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