AfCFTA to promote ‘Africa beyond aid’

Economic news for Friday, February 19, 2021

Source: GNA

2021-02-19

The Minister-designate of Trade and Industry, Mr. Alan Kyerematen, said that the successful implementation of the African Continental Free Trade Area (AfCFTA) would help build a solid foundation for an “Africa beyond. ugly”.

He said removing tariffs under the AfCFTA would boost intra-African trade, boost investment and innovation, foster structural transformation, improve food security, boost economic growth and diversify exports.

Mr Kyerematen said this in a speech delivered on his behalf by the Senior Technical Advisor for Trade and Industry, Mr Anthony Nyame-Baafi, at a one-day seminar hosted by Ghana International Trade and Finance Conference (GITFIC) and the Association of Ghana Industry (AGI) in partnership with the Sekondi-Takoradi Metropolitan Assembly in Takoradi.

The minister designate said the AfCFTA would also provide new momentum and dynamism to strengthen economic integration in Africa.

He said a recent World Bank study estimated that a smooth implementation of AFCFTA would lift 30 million Africans out of extreme poverty and 70 million out of moderate poverty by 2035.

Mr. Kyerematen said that the government has put in place all the appropriate mechanisms for the successful implementation of the AfCFTA and the start of trade in the AfCFTA.

The minister-designate said the AfCFTA was a potential change for Africans, adding that the continent should not take “this window of opportunity” lightly.

“AfCFTA will also strengthen Ghana’s current industrial development program and contribute to the diversification of the Ghanaian economy for accelerated inclusive economic growth and development.”

Mr. Kyerematen said Ghana will continue to support the AfCFTA secretariat for successful implementation to achieve regional integration goals, accelerate inclusive economic transformation and Africa’s development.

Sekondi-Takoradi Metropolitan Assembly (STMA) Metropolitan Executive Chief Abdul-Mumin Issah, in his welcoming speech, said AfCFTA has been a game-changer to maximize intra-continental trade between companies African.

The ERM said the AfCFTA was an enabling environment for manufacturers, producers and service providers on the continent to trade with each other.

He said the opportunities offered by the AfCFTA would help transform the standard of living of people on the continent.

Mr. Issah said it was therefore timely to expose industry players in both regions, the west and west of the north, to the benefits and opportunities of AfCFTA to enable them to participate effectively in the African continental free trade.

He said businesses in the Sekondi -Takoradi metropolis are very well positioned and ready to take advantage of the African Continental Free Trade Area.

“As managers of the city, we will welcome any investor willing to invest in the Metropolis to take advantage of the opportunity because there is land available in the enclave of the free zone of Eshiem for companies ready to operate in The city. We are ready to support and facilitate any business ready to set up in the Metropolis ”, he declared.

The Director General of the Ghana International Trade & Finance Conference (GITFIC), Mr. Selasi Koffi Ackom, said the regional seminars were a government directive to disseminate the news and that all regions be fully educated and informed.

Mr. Ackom said that with the implementation of AfCFTA, the African continent is on a clear path to prosperity, eradicating poverty, hunger and strengthening its financial position as well as boosting trade.

“The future of Africans is AfCFTA because with the creation of platforms of business opportunities by the AU, it helps companies to trade easily with each other.”

He said the first regional seminar was held in Kumasi and Takoradi was the second. Similar seminars are planned to be held in Ho, Koforidua and Tamale.