trade protectionism

Ghana would soon enjoy the privileges under the Continental Free Trade (CFTA) Agreement, the Vice President Mahamudu Bawumia said on Tuesday.

The Africa CFTA’s objective is among other things create single continental market for goods and services with free movement of business persons and investments and expand intra-African trade through better harmonization and coordination of trade liberalization and facilitation regimes.

Experts say Africa has not done much in liberalizing and promoting trade amongst member countries.

Trade between African nations remains low compared to other parts of the world.

In 2000, intra-continental trade accounted for 10 percent of Africa’s total trade, and increased marginally to 11 percent in 2015.

Trading amongst members of the European Union, for example, amounted to 70 percent in 2015 whilst intra-African trade is still estimated at less than two percent of global trade.

Bawumia said the Ministry of Trade would in the coming months engage stakeholders and sensitize the business community on these new continental directions.

“We need your inputs. We want to encourage you to expand your perspectives on the emerging Africa,” he told the investor community at the closing of the second national policy Summit in Accra.

“We as government will continue to engage in dialogue. In the end it is your bold entrepreneurial skills and your competitiveness that will determine how far and how much Ghana can take advantage of the opportunities of continental free trade,” Bawumia said.

By Alex Osei-Boateng

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