Mr Alan Kyeremanten, Minister of Trade and Industry, has indicated the African Continental Free Trade (AfCFTA) Agreement has the prospects to lift the economies on the continent of Africa.

The Minister of Trade and Industry highlighted the prospects of the African Continental Free Trade Agreement in creating a single market for Africa covering over 1.3 billion people which is “estimated to generate a Gross Domestic Product of $3.0 trillion and to further boost trade between and among African countries to withstand economic shocks.”

“The prospects of AfCFTA are huge, as it would establish economies of scale for enterprises operating in Africa and add value to Africa’s abundant natural resources as well as promote economic diversification and industrialisation.”
Mr Alan Kyeremanten

Mr Keyerematen noted that the African Continental Free Trade agreement would help to develop Africa’s regional movement of goods and services. He added that AfCFTA will attract investments into Africa with strong regional and local contents, thereby enhancing access to an expanded market for SMEs on preferential trade terms.

“The AfCFTA will enhance the government’s current Industrial Transformation Agenda and contribute to the diversification of the Ghanaian economy in line with the Government development agenda- Ghana Beyond Aid.

“This is aimed at assisting Medium to large scale companies in Ghana to export to the AfCFTA Market. 180 companies were identified which are currently exporting under the AfCFTA.”
Mr Alan Kyeremanten

Ghana Ready to Support AfCFTA

Mr Keyerematen emphasized the readiness of Ghana to support the implementation of AfCFTA project which will help Ghanaians enjoy several benefits that AfCFTA has to offer.

“Ghana will support the successful implementation of the AfCFTA for accelerated inclusive growth and development of Africa. Ghana will also enjoy many other collateral benefits, which would enhance the income levels of many Ghanaians.”
Mr Alan Kyeremanten

The Trade Minister, moreover, hailed AfCFTA for undertaking some good initiatives such as the new payment system – the Pan African Payments and Settlements. He therefore, called on other countries on the continent to support AfCFTA to become successful.

Recently, the same sentiment was echoed by the AfCFTA Secretary-General, Mr Wamkele Mene, when he advised member-countries in exercising their economic sovereignty, to ensure that their economic partnerships or trade agreements with countries outside the free trade area, do not undermine the objectives the African Continental Free Trade Area.

“The Heads of States have recognised the importance of integration on our continent, and they have said that there is no country that can be stopped from negotiating with others outside the continent. However, priority must be given to consolidating the AfCFTA where there are outstanding negotiations to conclude and move together in unity”.
Mr Wamkele Mene

The Minister disclosed that trading under the AfCFTA commenced on January 1, 2021, and Ghana is the first in Africa to export under AfCFTA. He added that a national AfCFTA Coordination Office was established in 2021, while a comprehensive National Policy and Action plan for AfCFTA was also completed.

The general objectives of the AfCFTA agreement, which was signed in Kigali, Rwanda in 2018, among many others include, the creation of a single market for goods and services, and the facilitation of the movement of persons.