AfCFTA to transform Africa’s endowed natural resource potential – Akufo-Addo

Business News for Tuesday, January 5, 2021

Source: www.ghanaweb.com

2021-01-05

President Akufo-Addo has indicated that the successful implementation of the African Continental Free Trade Agreement aims to unlock Africa’s natural resources.

The trade pact, he believes, will transform the value chain of a gifted continent like Africa.

Speaking at the Business Forum to start trading in Ghana, President Nana Addo Dankwa Akufo-Addo noted: “The AfCFTA will increase intra-African trade by $ 35 billion per year by harnessing the purchasing power of 1.2 billion Africans.” .

He added: “It will also increase export earnings in Africa, promote regional value chains and create huge employment opportunities for young people in Africa.”

The president reiterated that the implementation of his administration’s flagship programs, such as One District, One Factory, Planting for Food and Jobs and others, is designed to transform Ghana’s economy and position it as the commercial and manufacturing center.

“The government is committed to ensuring the mobilization of adequate financial and human resources to make Ghana the new commercial center for trade and investment on the continent, a duty that we will fulfill as the host country of the AfCFTA Secretariat,” noted Akufo- Addo.

With 54 of the 55 African countries participating in the single market trade pact, the AfCFTA would have the largest number of member countries in any trade agreement since the formation of the World Trade Organization.

Trading was originally forecast to begin on July 1, 2020, but suffered a setback as a result of the new Coronavirus pandemic that led to the suspension of negotiations.

The intra-African trade pact would witness that 90 percent of all traded goods would enjoy a duty-free regime as of January 1, 2020, for all countries that have signed agreements and deposited their instruments of ratification of the AfCFTA.