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Business News of Wednesday, 8 July 2020

Source: angelfmonlinegh.com

Demand for export commodities from Africa drops due to coronavirus

The Ministry of Foreign Affairs and Regional Integration has stated that demand for Africa’s commodity exports has plummeted leading to a corresponding fall in prices.

The low demand for African export commodities was attributed to the COVID-19 pandemic, a statement from Foreign Affairs Ministry to mark Africa Integration Day (AID), noted. Global supply chains have also been disrupted by the pandemic. This has “led to a threat of food insecurity and inadequate medical supplies”, the statement said.

Meanwhile, the Foreign Affairs Ministry has charged African countries to take advantage of the situation to diversify their industries and transform their economies to enjoy sustainable development as a continent.

As the ministry marks the Africa Integration Day, it encouraged stakeholders to remain resolute in their implementation of the Africa Continental Free Trade Area (AfCFTA).

At the 12th AU Summit, 7th July was designated as African Integration Day. However, the day is not to be observed as a holiday but to be commemorated as the operationalisation of the AfCFTA and to promote economic integration across the continent.

According to the ministry’s press statement, Ghana is collaborating with the African Union Commission to ensure the AfCFTA Secretariat commences its operations in Accra. The statement further said the Ministry of Trade and Industry is working with other ministries to develop projects that will boost intra -African trade in some areas.

The designated areas include Trade Policy, Trade Information, Productive Capacity, Factor Market Integration, Trade Finance, Trade Facilitation and Trade -related Infrastructure.

The Ministry urged the public, private entities, regional and continental bodies to support the operationalization of AfCFTA.

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