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Company News of Wednesday, July 10, 2019
Source: ghananewsagency.org
2019-07-10
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Parliament congratulated Ghana for winning the candidacy of the secretariat of the African Continental Free Trade Area (AfCFTA).
The peace and stability of the country, the laws and policies in force, the smooth political transitions, the hospitable citizens and the existing facilities have pushed the country to win the goal.
Frank Annoh-Dompreh, chairman of the Foreign Affairs Committee, said in a statement to Parliament that the ALECA, which has been under discussion for some time, continued to generate interest and took advantage of the 39 importance as stakeholders realize the value and potential they represent.
The AfCFTA is expected to create a single continental market for goods and services, with free movement of business people and investments, and thus pave the way for the acceleration of the establishment of the customs union.
It is also believed that intra-African trade will develop through greater harmonization and coordination of trade liberalization throughout Africa.
It is expected to solve the multiple and overlapping membership problems and accelerate the process of continental regional integration.
Mr. Annoh-Dompreh also stated that the acceptance of the country's candidacy for the AfCFTA Secretariat was noteworthy in the history of Ghana and Africa in general.
He said that it was nice to see progress towards the goal of unifying the African continent in all its resources, with the sincere purpose of improving the lives of African people, from the very beginning to the future. offer more opportunities and promote peace and harmony.
He said the FTAA with economic benefits such as the creation of jobs, capital inflows, influx of goods and services, and the development of the tourism industry.
Mr. Annoh-Dompreh also said that Africa's trade has grown rapidly in recent decades, that between 1990 and 2017, its openness has increased from about 53% of GDP to 67%, due to soaring commodity prices.
According to UNCTAD, intra-African trade represents only 15% of the total volume of trade generated by the African continent, compared to 61% abroad, with 61% in Asia, 67% in Europe and 47%. in the Americas.
He said while intra-African trade is tiny overall, Foreign Relations Council studies show that about 42 percent of intra-African trade is made up of industrial goods, which is interpreted as a good potential for trade. the sustainability of AfCFTA is expected to grow.
Mr. Annoh-Dompreh also congratulated President Nana Akufo Addo for explaining why Ghana was the ideal place to set up the headquarters and that Ghana continued to play a central role in the unity of the country. ;Africa.
He said this showed Ghana's commitment to the success of the South African Free Trade Agreement and its interest in maintaining it.
In a contribution, Mr. Richard Acheampong, Member of Parliament for Bia East, congratulated the country for its candidacy for the organization of the AfCFTA Secretariat, which should create a vast market space for women and men. Business to the advantage of the mainland.
He therefore instructed the government to put in place the necessary measures so that Ghanaian businessmen could benefit from the free trade area.
Reverend John Ntim-Fordjour, MP for Assin South, noted that creating a single continental market for goods and services, with free flow of business and investment, would create opportunities for people.
He said that Ghana's selection to host the AfCFTA Secretariat reflected the country's belief in the rule of law and the history of peace and stability.
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