Government would strategically take advantage of the expanded market created by the African Continental Free Trade Agreement (AfCFTA) to boost efforts to pursue an export-led economic recovery, Finance Minister Ken Ofori Atta has said.
Delivering the 2023 Budget Statement on the floor of Parliament on Thursday, the Minister disclosed that the Ministry of Trade and Industry was working with over 200 Ghanaian companies to facilitate their entry into the African market, including some 70 companies under the One District, One Factory (1D1F) policy initiative.
Additionally, the AfCFTA Guided Trade Initiative (GTI) was recently launched to start commercially meaningful trade.
“The products identified for the Initiative include batteries, tea, coffee, ceramic tiles, processed meat products, corn starch, sugar, and pasta, amongst others, in line with the AfCFTA focus on value chain development,” he said.
The finance minister said the Ghana Export Promotion Authority would enhance its coordination role by facilitating support to key export-sector stakeholders.
He said Export Trade Houses (ETHs) would be established in selected markets to promote made-in-Ghana product brands, including the completion of the first ETH in Kenya.
Also, opportunities would be created for local Ghanaian businesspeople and investors to invest in export product transformation and value addition at the district level in partnership with the Ministry of Local Government and Rural Development.