Mr Alan Kyeremanten, Minister of Trade and Industry, has highlighted prospects of the African Continental Free Trade Agreement (AfCFTA) in creating a single market for Africa covering over 1.3 billion people.
This is estimated to generate a Gross Domestic Product of US$3.0 trillion and to further boost trade between and among African countries to withstand economic shocks.
Mr Kyeremanten told parliament on Thursday that the prospects of AfCFTA were huge as it would establish economies of scale for enterprises operating in Africa and add value to Africa’s abundant natural resources as well as promote economic diversification and industrialisation.
It would also help develop Africa’s regional movement of goods and services; attract investments into Africa with strong regional and local content and enhance access to an expanded market for SME’s on preferential trade terms.
Mr Keyerematen said this on the floor of Parliament when Dr Kingsley Nyarko, Member of Parliament for Kwadaso asked him about the prospects of the AfCFTA and how the Ministry was leveraging on it to boost the Ghanaian economy.
The Minister noted that trading under the AfCFTA commenced on January 1, 2021, and Ghana was the first in Africa to export under AfCFTA.
He said a national AfCFTA Coordination Office was established in 2021, while a comprehensive National Policy and Action plan for AfCFTA was completed.
“This is aimed at assisting Medium to large scale companies in Ghana to export to the AfCFTA Market,” he said. Adding that, 180 companies were identified which are currently exporting under the AfCFTA.
“Mr Speaker, the AfCFTA will enhance the government’s current Industrial Transformation Agenda and contribute to the diversification of the Ghanaian economy in line with the Government development agenda-Ghana Beyond Aid,” he said.
“Ghana will support the successful implementation of the AfCFTA for accelerated inclusive growth and development of Africa. Ghana will also enjoy many other collateral benefits, which would enhance the income levels of many Ghanaians.”