President Akufo-Addo says his administration is committed to providing all the necessary financial and human resources required to make Ghana the new commercial centre for trade, finance and investment on the African continent as host country of the African Continental Free Trade Area (AfCFTA).
Addressing a forum organized by the Ministry of Trade and Industry at the AfCFTA Secretariat in Accra to commemorate the start of Ghana’s trading on the AfCFTA, President Akufo-Addo said his government is “committed to ensuring that adequate financial and human resources are mobilized to make Ghana the new commercial centre for trade, finance and investment on the continent.”
Non-traditional export revenue target
President Akufo-Addo further observed that it is his expectation that all stakeholders in the export value chain including the relevant Ministries, trade and investment agencies, regulatory agencies and business development service providers in the country, will work closely with the AfCFTA Secretariat “towards the common goal of ensuring that Ghana achieves the non-traditional export revenue target of US$ 25 billion within the next 10 years”.
Ghana’s support for the AfCFTA
The president reiterated the commitment of the government of Ghana to ensuring that the AfCFTA succeeds.
“I assure the AU Commission and the AfCFTA Secretariat of the continuous support of the government and people of Ghana for the success of the AfCFTA initiative,” President Akufo-Addo stated.
Wamkele Mene, secretary-general of the AfCFTA, in his address observed that Ghana’s pioneering role of beginning trading on the AfCFTA is a strong demonstration of Pan-Africanism.
“I am truly proud and honoured to be part of this historic journey that Ghana has begun to pioneer for this African continent,” Wamkele Mene said.
Background on AfCFTA
The consensus establishing the African Continental Free Trade Agreement (AfCFTA) entered into force on 30 May 2019 for the 24 countries that had deposited their instruments of ratification.
The 22-country threshold in conformity with legal provisions was reached on 29 April 2019 when Sierra Leone and the Saharawi Republic deposited their instruments of ratification with the depositary.
To date, 30 countries have both signed and approved ratification of the AfCFTA Agreement. Of the 55 AU member states, only Eritrea has yet to sign on.
Wilberforce Asare
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