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Business News of Sunday, 14 July 2019

Source: citinewsroom.com

AfCFTA: Ghana will maximize value from hosting rights – Alan Kyeremanten

The Government says it will put in place the necessary structures to ensure that any concerns that may arise from the implementation of the African Continental Free Trade area are dealt with.

The coming into force of the free trade area agreement will mean that member countries harmonize their trade laws to ensure effective exchange of goods.

There were some fears in facilitating the agreement because of current legislation in the various countries but the Trade Minister, Alan Kyerematen explained that there are certain trade remedies that will help address the specific challenges of some countries.

Ghana was selected by the Assembly of Heads of State and Government of the African Union (AU) to host the Secretariat of the African Continental (AfCFTA) Free Trade area.

In an interview with Citi News, Mr. Kyerematen explained that as part of activities marking the AfCFTA this year, a new protocol has been introduced which allows for trading in financial services, construction tourism centres and the likes.

“There is what is called the framework agreement, that is the overarching framework agreement which defines the principles, the guidelines, and modalities for negotiating such agreements. Then there is the protocol on trades in goods that binds the conditions under which goods will move from one country to another. We have also negotiated a protocol on trades in service. That neana that not only goods will be traded as part of this year’s deal, we can also trade in financial services, construction services, and tourism is also available to any country in Africa. There are trade remedies that will be available to you to address your specific challenges.”



AfCFTA to create opportunities to make Africa self-reliant – Nana Addo

President Nana Addo Danquah Akufo-Addo earlier this week said he was hopeful the African Continental Free Trade Agreement (AfCTA) will create opportunities for African countries to develop without aid from foreign countries.

Speaking to the Ghanaian community during his visit to France, President Akufo Addo argued that most of Africa’s trade is with the European and American markets to the detriment of Africa.

He believes the continent can contribute to improving its Gross Domestic Products (GDP) when there is increased intra-continental trade.

He mentioned that Africa has the smallest intra trade activities as compared to Europe and Asia.

“We have to find a way of developing the continent ourselves. We can’t continue to depend on outsiders to build Africa for us… We have to increase considerably the trade amongst ourselves, the 28 member states of the European states, intra European trade accounts for 70% of the collective GDP and all the activities of the European union are basically among themselves and the relationship with the world outside Europe is relatively small.” President Nana Akufo-Addo said.



About AfCFTA

Ghana last week was selected as the host country for the secretariat of the world’s largest free trade area since the formation of the World Trade Organisation.

Expected to start operations by March 2020, it will cover a market of 1.2 billion people, with a combined gross domestic product (GDP) of $2.5 trillion, across the 54 Member States of the African Union that have signed up to the Agreement.