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Secretary General of the Continental Free Trade Area, Wamkele Mene
Continental Free Trade Area (AfCFTA) Secretary General Wamkele Mene stressed that Africa is open for business and the continent’s trade potential is enormous in various sectors including agriculture, energy, infrastructure, natural resources, information and communications. , which provides opportunities for entrepreneurs on the continent.
Speaking on the occasion of the AfCFTA – Angola Business Investment Forum, a first-ever investment forum between the AfCFTA Secretariat and a State Party, attended by the President of the Republic of Angola, the President João Manuel Gonçalves Lourenço, the secretary of the AfCFTA. The general said that with the vast uncultivated arable land, Africa has the potential to ensure its own food sufficiency and to be a major supplier to global food markets.
He revealed that the protocols already negotiated under the AfCFTA offer great opportunities for entrepreneurs, businesses and consumers across the continent, thus unlocking trade and manufacturing potential and further boosting industrialization in Africa.
“As we are about to start working on the protocol on investments, the protocol on trade in services already negotiated contains provisions on investment: one of the general objectives is to” promote domestic investments and foreigners ”, underlined the Secretary General.
He said the additional protocols have strengthened entrepreneurs’ value propositions and reduced their risks.
“The introduction of a simplified continental trade regime should offer greater protection to small and informal businesses and support their participation in the new export opportunities created by AfCFTA. ”
“There is also the AfCFTA Dispute Resolution Protocol which further improves the value proposition for entrepreneurs by making investing in Africa less risky for investors,” he added.
Ghanaian Trade and Industry Minister Alan K. Kyerematen echoed existing fraternal relations between Ghana and Angola which he said have deepened in recent times following high-level official visits between the two countries and acknowledged the support Ghana has received from Angola in its attempt to host the AfCFTA Secretariat.
Mr. Kyerematen explained that AfCFTA provides a unique platform to guide Africa’s economic recovery effort after COVID-19.
“Under the AfCFTA, Ghana and Angola have a lot to gain from working together in areas such as agriculture, fisheries, livestock, industry, oil and gas, industry. petrochemicals, the added value to our mineral resources, the development of energy resources in particular Renewable energies and FinTech industry ”.
He urged companies from both countries to familiarize themselves with the protocols negotiated under the AfCFTA in order to take advantage of the AfCFTA to develop their activities.
“It should be noted that the AfCFTA Protocol on Services covering five priority sectors, namely transport, communication, financial services, tourism and business services, which were negotiated under the first phase of the AfCFTA negotiations, has the potential to create a strong ecosystem to support the productive sectors of African countries ”. Alan Kyerematen said.
The President of Angola, President João Manuel Gonçalves Lourenço expressed his gratitude to the Ghanaian government and instructed Ghanaian companies to start considering the favorable investment climate that has been created in Angola and to take advantage of the Angolan market.
Several areas of opportunity were highlighted for companies and entrepreneurs who gathered at the 1st AfCFTA Investment Forum in Accra.
CEOs of large Ghanaian companies, including Jospong Group of Companies, Interplast, Kasapreko, Ernest Chemist, B5 Plus, West Blue Consulting, Rana Motors, Tarzan Enterprises, Japan Motors, Coco Processing Company Ltd., Aker Energy and trade associations like the International Chamber of Commerce among others were present.
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