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Business News of Friday, 20 August 2021

Source: GNA

IATF 2021 targets more than US$40 billion in trade deals

Partcipants at the first Country Roadshow held in Accra as a prelude to IATF 2021 Partcipants at the first Country Roadshow held in Accra as a prelude to IATF 2021

More than US$40 billion worth of trade deals are expected to be sealed at the Intra-African Trade Fair(IATF) 2021 scheduled for Durban, KwaZulu-Natal South Africa in November this year.

The IATF 2021 will provide a unique and valuable platform for businesses to access an integrated African Market of over 1.2 billion people with a Gross Domestic Product of over 2.5trillion dollars created under the African Continental Free Trade Area (AfCFTA).

Mr Denys Denya, Executive Vice President, Finance, Administration and Banking Services at Afreximbank, said the trade fair would make AfCFTA a possibility.

Mr Denya was speaking at the first Country Roadshow held in Accra as a prelude to IATF 2021.

The Roadshow is to raise the awareness of the private sector about the substantial benefits of attending the second edition of IATF 2021, which will take place in Durban, KwaZulu-Natal, South Africa from 15 to 21 November 2021.

IATF 2021 will be on the theme:" Building Bridges for a Successful AfCFTA."

He said Afreximbank had initiated a number of products like the Pan-African Payments and Settlement Systems, AfCFTA adjustment facility, African collaborative scheme and the trade fair.

He said over the years, the Bank had disbursed 1.7billion dollars to support Ghanaian companies.

The Executive Vice-President said Ghana had vital industries to promote Intra-regional trade and the participation and contributions of the private sector was key in the implementation of AfCFTA.

Mr Denya said the trade fair would play a significant role in making Intra-African trade a reality by providing a sustainable platform for buyers and sellers, investors and governments to connect and exchange trade investment information.




He called on the business community to participate in the event and take advantage of showcasing their product and investment opportunities.

Mr Hebert Krapa, the Deputy Minister of Trade and Industry, said government remained committed to the implementation of the AfCFTA agreement.

He said government would continue to collaborate with the private sector to promote Intra-regional trade.

He said the African free trade area agreement when fully implemented would close the trading gap on the continent.

The Deputy Minister said the fair would give government the opportunity to improve in the participation of Intra-African Trade.

He assured the organizers of Ghana’s full participation in the fair.

IATF2021 will provide a platform to promote trade under the AfCFTA and will bring together continental and global buyers and sellers, and will enable stakeholders to share trade, investment and market information as well as trade finance and trade facilitation solutions designed to support intra-African trade and the economic integration of the continent.