Akufo-Addo to open conference on Africa Continental Free Trade Agreement Monday

President Nana Addo Dankwa Akufo-Addo will on Monday, August 19, 2019, open a National Conference on the Implementation of the Africa Continental Free Trade Agreement (AFCFTA) in Accra.

The purpose of the conference is to bring together key stakeholders in Ghana to discuss national strategies and programme interventions to harness the benefits of the AfCFTA.

The theme is “harnessing the benefits of the African Continental Free Trade Area for a Ghana Beyond Aid”.

The Minister of Information, Mr Kojo Oppong Nkrumah made this known at a press briefing in Accra on Sunday afternoon.

The Minister reiterated that the Assembly of Heads of State and Government of the African Union (AU) selected Ghana as the host country for the Secretariat in July 2019 at the 12th AU Extraordinary Summit held in Niamey in Niger.

The core mandate of the Secretariat will be to implement the African Continental Free Trade Area Agreement, which has since been ratified by 25 member states.

At the conference, President Akufo-Addo will take the opportunity to articulate Ghana’s vision for the AfCFTA for a Ghana Beyond Aid.

Participants will include Senior Policy Makers, Parliamentarians, the Business Community, Academia, Representatives of Civil Society Organizations, Development Partners and the Media from Ghana and Beyond.

Ghana and for that matter, Africa is hoping to derive these benefits from implementing the AfCFTA, Mr Oppong Nkrumah said.

Some of the benefits, Mr Oppong Nkrumah said Ghana hopes to derive are an increase in intra-African trade through better harmonisation and coordination of trade within the African continent.

It is estimated that intra-African trade will increase by as much as $35 billion per annum or 52 per cent by 2022; Consequently, imports from outside the continent could decrease by $ 10 billion per year, whereas Agricultural and Industrial exports would increase by $ 4 billion (7%) and $ 21 billion (5%) above the baseline respectively (UNECA, 2014);

It is also hoped to address the challenge of small fragmented markets in Africa by creating a single continental market which will lead to economies of scale and help add value to Africa’s abundant natural resources and promote economic diversification and industrialization;

Others are helping to develop regional value chains and facilitate cross border investments in Africa and attract Foreign Direct Investments (FDI) into Africa with strong regional and local content to help address foreign exchange constraints.