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Business News of Tuesday, 25 February 2020

Source: Class FM

CPC to cash in on US$1.3 trillion AfCFTA opportunity

The Cocoa Processing Company (CPC) is readying itself to harness the full potential of the African Continental Free Trade Area Agreement (AfCFTA) expected to kick off in July this year.

According to the Managing Director of the Company, Nana Agyenim Boateng, AfCFTA presents the exact opportunity his outfit is looking for to own a piece of the over US$1.3 trillion the agreement brings.

Ghana will house the AfCFTA secretariat in Accra.

The AfCFTA, signed by 44 African countries in Kigali, Rwanda, in March 2018, is meant to create a tariff-free continent that can grow local businesses, boost intra-African trade, rev up industrialisation and create jobs.

It will also create a single continental market for goods and services as well as a customs union with free movement of capital and business travellers.

Speaking in an interview with Class Business, Nana Agyenim Boateng said CPC is ready to take advantage of the African Continental Free Trade Area Agreement as it introduces innovative products onto the African market.

“The size of Africa is huge but it’s all about acceptability; we are mindful of that; It’s like how ready are you for the market because if something is coming, you need to start preparing, so, it is like a mock stage; it’s work in progress”.

Continuing, he added: “If you have a product for which consistency is being the same, then you don’t have a challenger, rather you have to add on to what it is that you want the world to know and these are how we are adding on. As I speak to you, we have over 100 recipes that even we’ve not come out with. They may try but it will be very difficult to beat us because as we know, we always stand out and that is what keeps the Golden Tree brand.”