Moving People

News

/ News / Article

  • ghana web

Ghana ready to host AfCFTA despite Coronavirus


Government on Tuesday announced that the nation is ready to host the African Continental Free Trade Area (AfCFTA) despite the COVID-19 pandemic.

The AfCFTA is a free trade area created by the African Continental Free Trade Agreement among African Union nations, with its secretariat to be based in Accra.

In statements by the Minister of Foreign Affairs and Regional Integration, and the Chairman of the Parliamentary Committee on Trade, Industry, and Tourism to mark Africa Integration Day, which falls on July 7, they gave the assurance that the nation was ready to host the AfCFTA despite the COVID-19.

At the 12th Extraordinary Summit of the Heads of State and Government of the African Union in Niamey, Niger, on 7th July 2019, the operational phase of AfCFTA was launched, and the summit decided that July 7, every year, should be designated as “Africa Integration Day.”

The day is not to be observed as a holiday but it is to commemorate the operationalisation of the AfCFTA and to promote economic integration across the Continent.

It is intended to celebrate the progress made in the implementation of the African Integration Agenda, including the African Continental Free Trade Agreement and its achievements.

It is also to galvanize and mobilize Africans within the Continent and abroad, towards accelerating and fully operationalising the ideals and objectives of the African Economic Community as enshrined in the Abuja Treaty of 1991, which, since its coming into effect in May 1994, has ensured major strides towards an integrated continent.

Joining in the celebration of the 2020 edition of the day, Ms. Shirley Ayorkor Botchwey, the Foreign Affairs and Regional Integration Minister, in a statement read on her behalf by her Deputy, Mr Mohammed Habibu Tijani, said significant milestone was reached with the coming into force of the Agreement establishing the AfCFTA.

“It is estimated that the elimination of tariffs as a result of the AfCFTA could boost trade in Africa by 15-25% in the medium term and create a US$3.0 trillion economic bloc, connecting 1.3 billion people across the Continent,” she said.

The Minister identified AfCFTA as being critical to the development of Africa, consistent with the development aspirations and policies of Ghana.

“It holds the potential to increasing Africa’s global trade and to facilitate the export of value-added products,” she said, adding; “I will contribute to building regional economic infrastructure, fostering food and energy security, generating jobs for the increasing number of young people, alleviating poverty and delivering shared prosperity through the implementation of appropriate policies.”


Recent Posts

See All

Zimbabwe's debt stifling its economy

Experts are warning that Zimbabwe's appetite for Chinese loans is pushing the country’s foreign debt to unsustainable levels. According to former finance minister Tendai Biti, who held the post betwee

construction-image1.jpg

Subscribe and keep up to date with all the latest news from Oakmark

Subtle Shapes Transparent
WEST AFRICA'S NO.1 ECONOMIC AGENTS

Oakmark Global Vision provides a bespoke business package to established corporate bodies, investors, and entrepreneurs who desire to enter the West & Pan African market. Find out more >

© 2020 Oakmark Global Vision Ltd - All Rights Reserved.

UK Company No. 07634879 / Nigeria Company No. RC 1288232

Regional Office

International Office

1 Kandi Close, Off Aminu Kano

Crescent, Wuse 2, Abuja F.C.T

Nigeria 

+234 -(0)- 929 207 02

+234 (0) 704 497 6500

info@oakmarkglobalvision.com

King Court, 17 School Road

Hall Green, Birmingham

United Kingdom  B28, 8JG

+44 (0) 121 244 1814

+44 (0) 746 625 2505

info@oakmarkglobalvision.com

 Oakmark Global Vision Limited