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This is the statement of Frank Annor-Dompreh, MP for Nsawam-Adoagyiri, delivered in Parliament to mark the beginning of a new era in Africa with the entry into force of the agreement. on the free trade zone with Africa.
Mister President,
The growth of Africa's development remains based on its unity. African unity remains a vision that has been and is championed by many politicians, academics, organizations and individuals on the continent. Undoubtedly, the efforts of the first President of Ghana, Dr. Kwame Nkrumah, were aimed at ensuring the design of a united continent characterized not only by political unity but also by unity. economy, a common military force, a common foreign policy and a continent without borders. where all the artificial boundaries are nonexistent.
Mr. President, contemporary Africa today depends heavily on the African Union (AU) to ensure the successful integration of the countries of the continent. A Memorandum of Economic Unity of the Member States, as described in the African Continental Free Trade Agreement (CAFTA), which aims to ensure the creation of a single continental market for goods and services , with the free movement of businessmen and investments.
Mr. President, Ghana once again proved to be a beacon of a positive African revolution, following the acceptance of the country's candidacy for the organization of the secretariat of the Continental Free Trade Area. Africa (AfCFTA). Do not put the cart before the horse, it is nevertheless a feat worthy of mention in the history of Ghana and Africa in general. It is nice to see that the goal of unifying the African continent in all its resources is advancing, with the sincere aim of improving the lives of African people, to offer more and more. opportunities and promote peace and harmony.
The African Continental Free Trade Area (AFCFTA), which has been under discussion for some time, has continued to generate interest and has become increasingly important, as more and more stakeholders realize the value and potential they hold. Free movement of persons; promotion of goods and services; Accessibility to a wider range of entrepreneurial support in the form of finance and logistics are all important ingredients of the development we wish to see here in Africa.
Given the lay-person's understanding of this issue, the Deep and Comprehensive Free Trade Agreement can be demonstrated by the badogy of trade existing in large countries in terms of area. Nigeria, for example, with an estimated GDP of $ 376.284 billion (2017) and a population of more than 200 million, can be considered a large country relative to Ghana and is therefore able to generate a commercial activity in larger volumes.
The larger the market, the greater the demand for goods and services. This then affects the supply positively for business growth. This is the type of environment we need. One of the key elements of the AfCFTA will create a large market space for a businessman, for example Wenchi-Ghana, to provide goods produced to consumers in Kigali-Rwanda and vice versa, duty-free .
Tracing AfCFTA's Goals Mr. President, the African Union says the CFTA will create a single continental market for goods and services, with free movement of men and women in business and commerce. investments, and thus pave the way for the acceleration of the creation of the Customs Union. . It will also develop intra-African trade through greater harmonization and coordination of trade liberalization across Africa in general.
It will solve the problems of multiple and overlapping memberships and speed up processes of regional and continental integration. Competitiveness will be strengthened at the level of industry and business through the exploitation of large scale production opportunities, access to the continental market and better reallocation of resources.
While many individual and organizational studies explore the longevity of AfCFTA, we are constantly urged to take into account all the challenges and opportunities to ensure optimal functioning. One of them is the report of the United Nations Conference on Trade and Development (UNCTAD), which recently discussed "rules of origin" – which, in its view , is a key element of the success of AfCFTA, which represents a simple and business-friendly business arena. .
Theoretically, the "rules of origin" would constitute a pbadport for the free circulation of goods in a free trade area (FTA), provided that these goods are considered as originating in the FTA. It is therefore important to make trade within African countries more attractive, given the fact that many African countries may already be used to trade with their foreign counterparts over the years.
I will reiterate that economic benefits such as job creation, capital inflows, inflows of goods and services, and the development of the tourism industry would be directly generated with the CFTA Secretariat based in our beloved country, Ghana, and would be pbaded on to all participating States.
Mr. President, Ghana has managed to maintain ideal bilateral relations with other African states and abroad, which speaks volumes about the country's ability to adequately manage the situation. AfCFTA Secretariat, on a positive track record of negotiating ability and kind attitude towards the Member States. the African Union.
Africa's trade has grown rapidly in recent decades. Between 1990 and 2017, the region's trade openness (imports and exports of goods and services) rose from around 53% of GDP to 67%, after peaking in 2011 with soaring prices for food products. based.
UNCTAD also indicated that intra-African trade accounts for only 15% of total trade volume from the African continent, compared with 61% abroad 61% in Asia, 67% in Europe and 47% in Asia. America. While intra-African trade is overall tiny, studies by a Foreign Relations Council show that about 42% of intra-African trade is made up of industrial goods and I interpret this as a good potential for sustainability. of AfCFTA while growing up.
With the agreement in place, the gross domestic product of most African countries could increase by 1% to 3% once all tariffs are eliminated, also according to UNCTAD estimates. Although tariffs are not the only obstacle to increased intra-African trade, the Regional Economic Outlook for Sub-Saharan Africa estimates that the agreed tariff cut of 90% would increase intra-African trade by about $ 16 billion. dollars, about 16% from recent average levels.
South Africa alone accounts for about 35% of all intraregional imports in Africa (and about 40% of intra-regional manufacturing imports). Specifically, exports to sub-Saharan Africa and South Africa generate a significant $ 22.8 billion, while Nigeria and Ghana generate $ 5 billion and $ 2 billion, respectively. It is interesting to note that exports from Ghana and Nigeria come from South Africa, which shows their intra-regional imports of 35%.
As a result of this story, Ghana's efforts are soundly matched when the focus is only on trade volumes in the ECOWAS region, just as South Africa is dominating the south block. With the secretariat here in Ghana, I anticipate an improvement in Ghana's contribution in the years to come.
Mr. President, Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana, explained why he felt that this country was an ideal place for the installation of the headquarters. The President did well to mention that Ghana has, through the ages, continued to play a central role in the unity of Africa. This shows Ghana's commitment to AfCFTA's success and interest in maintaining it. An important attitude that can not be overemphasized. Likewise, I have previously indicated that Ghana should be the ideal choice because it has a long history of peace and stability and is an undisputed argument for the case of Ghana.
While major players such as South Africa and similar countries are striving to increase trade volumes in Africa, AfCFTA is set to begin a transformation. which will significantly improve the continent.
African leaders should also be commended for their efforts within the African Union, coordinating too well the organization of this beneficial agreement. This is a resounding success at the government level that will surely result in citizens being represented by their leaders across the continent.
In conclusion, Mr. President, the flagship programs of the government led by Akufo-Addo – One-District-One-Factory (1D1F) and Planting for Food and Creating Jobs – are good initiatives that put the country in a unique position on the African continent. of industrialization. The peace and tranquility of the country, the laws and policies in force, the smooth political transitions, the hospitable citizens and the existing facilities allow him to stand out in a position that allows him to win this candidacy.
For the people of Ghana, the established AfFCC Secretariat will be an advantage that all will need to take advantage of, especially in our current regime, to industrialize and produce enough goods. Historians will not be surprised to learn that Ghana still stands out. Let's not forget the meaning of the symbol on the flag of our dear nation, Ghana. Because we are the black star of the continent and it is clear that we must always shine in all our companies.
I call the Ghanaian nation in light of the honor that has been made us to host the secretariat of this prestigious pan-African institution and to resist the attractiveness of being a force This is a latent challenge for the secretariat, but rather to proactively manage it, taking into account the following: its impact on the much larger African community. Indeed, to whom much is given, much is expected.
Thank you for the opportunity offered.
cohort
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