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Business News of Monday, 10 February 2020

Source: www.ghanaweb.com

Government spent US$3 million on AfCFTA - Akufo-Addo

A total amount of US$3 million has been used by government to facilitate Ghana’s preparation towards the African Continental Free Trade Area (AfCFTA).

According to President Nana Akufo-Addo, the money was used for the establishment and operationalization of the African Continental Free Trade Area (AfCFTA) which he announced will take full force in March 2020.

“The Government of Ghana sponsored six (6) different meetings of the AfCFTA in December 2019, in Accra. Thus far, a total amount of US$3 million has been advanced by the Government of Ghana for the establishment and operationalization of the AfCFTA Secretariat”, President Akufo-Addo noted.

He was speaking at the closed session of the 33rd AU Summit, currently ongoing in Addis Ababa Ethiopia.

President Akufo-Addo indicated that Ghana, after being selected as host country for the Secretariat, was “directed to work with the AU Commission to ensure an expeditious and efficient process of establishing a permanent Secretariat for the AfCFTA in Accra by 31st March, 2020."

He assured the Assembly of Heads of State and Governments of the African Union that the Secretariat of the African Continental Free Trade Area will be operational by 31st March, 2020.

The President reiterated Ghana’s determination “to establish the Secretariat by the end of March 2020, which will be of world class quality, and to help ensure that, by 1st July, 2020, as mandated by the Assembly, the AfCFTA takes off without a hitch.”