Ghanaian companies develop strategy for successful implementation of AfCFTA

Economic news for Monday, March 1, 2021

Source: Look at the port

03/01/2021

The Ghana National Chamber of Commerce and Industry, in collaboration with the Ghana Shippers Authority, organized a semi-virtual seminar in Accra on the African Continental Free Trade Area for the Ghanaian trading community.

The multidisciplinary seminar brought together experts from legal practice, the financial sector, customs, policy makers as well as representatives of the private sector to discuss how businesses can strategize to fully benefit from the Free Agreement. – continental exchange.

Minister-designate for Trade and Industry Alan Kyeremanteng, in a speech read on his behalf by Dr John Asiedu, revealed that the government has put in place key national institutional structures to oversee the implementation of the trade agreement, in particular the inter-ministerial facilitation of the AfCFTA committee, the national steering committee and technical working groups in 7 clusters identified to stimulate intra-African trade

The Minister-designate of Foreign Affairs and Regional Integration, Shirley Ayorkor Botchway, represented by Bonaventure Adjavor, director in charge of the office of the economy, trade and investments at the ministry, called for an effective response plan against the COVID-19 in intra-African trade.

GNCCI President Clement Osei Amoako highlighted the importance of private sector participation for the success of AfCFTA.

“The interest and support of the private sector for AfCFTA has been phenomenal. This is based on the premise that the production and distribution of goods and services is largely carried out by the private sector. ”

Ghana Shippers Authority CEO Benonita Bismarck praised the industry for the important role actors play in educating traders to position them for success in AfCFTA.

Anthony Nyame-Baafi, technical adviser in the Ministry of Trade and Industry, described a myriad of advantages of the continental single market, including the fact that it would stimulate large-scale production economies.

“It will develop regional value chains and facilitate cross-border investments so that if implemented properly, we will have a lot of products made in Africa,” he added.

A Deputy Commissioner of the Customs Division of the Ghana Revenue Authority, Fechin Akoto, stressed the importance of rules of origin in trade protocols and encouraged traders to use the information published on customs digital platforms during decision-making on trade with other Member States. .

“Ghana signed the agreement and ratified it as well, so it’s a state party, like South Africa, so we can do business with them under the AfCFTA. Those who have signed but not ratified are considered member states, so make a difference. When you deal with them, you have to know their status, ”he learned.

David Ofosu-Dorte, Partner at AB & David Law Firm, and Director of Afro-Champions Organization, discussed various forms that businesses in Ghana can align their strategies with those of the AfCFTA strategy, including formalizing their methods .

“It’s very simple: the processes will have to be reinvented at the level of the company as well as at the level of the association so that with this reinvention, we can take advantage of this new era and integrate into the market. wider African ”, he articulated.

Also contributing to the speech, an export consultant revealed that there are billions of dollars in demand for goods that Ghana produces but are imported by the rest of Africa from the West and the Far East.

However, he urged companies to take advantage of opportunities such as the maritime freight shuttle now available in West Africa which addresses the concerns of exporters in terms of transport.

Ernest Bediako Sarpong, CEO of Ernest Chemist, while lamenting some barriers to intracontinental trade, called for harmonization of standards across the continent to make doing business easier.