Trading has officially commenced on the African Continental Free Trade Agreement (AfCFTA) platform.
This will create a single wide continental market for goods and services and promote the movement of capital and natural persons.
Speaking at a forum to commence trading at the AfCFTA Secretariat in Accra on Tuesday, President Akufo-Addo said his administration was committed to providing the necessary financial and human resources required to make Ghana the new commercial centre for trade, finance and investment on the African continent.
This would enable all stakeholders in the export value chain including the relevant ministries, trade and investment agencies, regulatory agencies and business development service providers in Africa to work closely with the AfCFTA Secretariat towards the common goal of non-traditional exports.
“I assure the AU Commission and the AfCFTA Secretariat of the continuous support of the government and people of Ghana for the success of the AfCFTA initiative,” he said.
He expressed his government’s determination to ensure that Ghana achieves the non-traditional export revenue target of $25 billion within the next10 years.
On his part, Secretary General of the AfCFTA, Wamkele Mene, said “I am truly proud and honored to be part of this historic journey that Ghana has began to pioneer for this African Continent.”
The consensus establishing the AfCFTA entered into force on May 30, 2019 for the 24 countries that had deposited their instruments of ratification.
The 22-country threshold in conformity with legal provisions was reached on April 29, 2019 when Sierra Leone and the Saharawi Republic deposited their instruments of ratification with the depositary.
Till date, 30 countries have both signed and approved ratification of the AfCFTA Agreement.
Of the 55 AU member states, only Eritrea is yet to sign.
Charles Takyi-Boadu, Presidential Correspondent