Business

How Ghana is positioning itself to fully benefit from AFCTA

1 Mins read

Ghana was last year picked to host the secretariat of the African Continental Free Trade Agreement.

Works have been ongoing to operationalize the secretariat, Wamkele Mene, has also been voted as the first Secretary-General of the Africa Continental Free Trade Area Secretariat (AfCFTA), at the ongoing 33rd ordinary session of the heads of state and government of the African Union.

As preparations are ongoing how best will Ghana benefit from the Continental Free Trade.

Minister for Trade and Industry Alan Kyeremanteng as part of ways to make sure Ghana fully benefit from the free trade promised that there will be a strategy in place to ensure that the country fully benefit.

He gave the assurance after inaugurating some technical working groups that are supposed to shape the country’s strategy.

The seven-working technical groups are Trade Facilitation, Trade Policy and Enhancing Productive Capacity, Trade-Related Infrastructure, Trade Finance, Trade Information and Factor Market Integration group.

The outcome of the work from the committee will be part of a national strategic plan by the government to take advantage of the AFCTA.

Alan Kyeremanteng said for Ghana to fully benefit from not just hosting the secretariat but as a participating country, we will need a national plan that supports the private sector to develop the productive capacity.

“You need a national plan that supports the private sector in your country to develop the productive capacity to access the type of financing that will enable them to grow their businesses, you need an action plan that will identify specific market information on products that can be exported to different countries, you need all these interventions to enable you to benefit as a country from the AFCTA”

Speaking at the inauguration the Kojo Oppong Nkrumah said the focus should not only be on free trade but how to also boost Intra-African trade and make sure it succeeds.

“Is not so much even the broader AFCTA agenda because even if that agenda should fail, boosting Intra-African trade is one that must succeed and that is what we have been called to the table to contribute to..”

The Steering Committee is to be chaired by the Acting Chief Director of the Ministry of Trade and Industry Patrick Nimo

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