The AfCFTA is completely changing the game on the African continent

Economic news for Sunday, January 10, 2021

Source: www.ghanaweb.com

2021-01-10

The Secretary General of the African Continental Free Trade Secretariat, Wamkele Mene has touted the successful implementation of the Free Trade Pact as a game changer for Africa.

According to him, the reduced tariff regime under the AfCFTA will allow traders, exporters and small and medium-sized enterprises to efficiently transit their goods and products.

Speaking in an interview with GhanaWeb, Wamkele Mene explained: “The implementation of AfCFTA will now see transit of goods to other countries in Africa at reduced tariffs and barriers and this is a game changer. on the African continent.

Wamkele Mene however assured that all the modalities have been put in place for a harmonious but careful implementation of the free trade pact.

“Of course, it will be a little while before we see the benefits as happens in any free trade agreement,” the Secretary-General said.

He also revealed that some 54 African trade ministers will meet in Accra, the capital of Ghana, by the end of January this year to hold deliberations and set a timetable for other trade-related protocols such as Women-In-Trade as part of the agreement.

“One of these protocols will focus on women in commerce and, as you know, it is very important to assert the role of women in commerce and also to legally strengthen the role of women in commerce. women in trade and this protocol is of crucial importance and trade ministers will work out the modalities for it, ”said Wamkele.

Meanwhile, trading on the AfCFTA was originally scheduled to begin on July 1, 2020, but suffered a setback due to the novel coronavirus pandemic which led to the suspension of negotiations.

The intra-African trade pact would see 90% of all traded goods benefit from a duty-free regime from January 1, 2021, for all countries that have signed agreements and deposited their instruments of ratification of the AfCFTA.

With some 54 out of 55 African countries participating in the Single Trade Market Pact, the AfCFTA would have the highest number of member countries in any trade deal since the formation of the World Trade Organization.

Accra, Ghana currently serves as the secretariat of AfCFTA and was mandated and handed over to the African Union by President Nana Addo Dankwa Akufo-Addo on August 17, 2020 in Accra.