51 Ghanaian businesses granted AfCFTA Certificates of Origin for export of 300 different products – Finance Minister
Ghana’s Finance Minister, Ken Ofori-Atta, has announced the country’s proactive measures in maximizing the potential of the African Continental Free Trade Area (AfCFTA) during the 2023 Mid-Year Budget Review presented on July 31, 2023.
Emphasizing the government’s commitment to leveraging AfCFTA, Ofori-Atta disclosed that 51 Ghanaian companies and businesses have been granted AfCFTA Certificates of Origin, covering an impressive range of 300 product lines. This move signals the eligibility of these entities to partake in trade under the auspices of AfCFTA, unlocking new market opportunities and enhancing their competitive edge.
Furthermore, Ghana has taken concrete steps to expand its presence in the East African market. The establishment of an Export Trade House in Nairobi, Kenya, stands as a strategic initiative to promote the export of “made-in-Ghana” products and services. This move aligns with the government’s vision to tap into the vast opportunities offered by AfCFTA and further bolster trade ties with East African nations.
A remarkable marketing expansion expedition to Kenya ensued, involving 63 Ghanaian companies, offering them a chance to make inroads into the East African market. This endeavor seeks to forge stronger trade partnerships, fostering economic growth and development across borders.
The AfCFTA agreement, lauded by the World Bank, represents a significant milestone in global trade, creating the largest free trade area based on the number of participating countries. With 55 nations and a population of 1.3 billion, the collective GDP amounts to a substantial US$3.4 trillion. The trade pact carries immense potential to uplift 30 million people from extreme poverty, propelling the continent towards a new era of economic prosperity.
However, the realization of AfCFTA’s full potential hinges on the implementation of substantial policy reforms and efficient trade facilitation measures. Ghana’s proactive approach in providing Certificates of Origin and establishing an Export Trade House in Nairobi exemplifies the nation’s dedication to harnessing AfCFTA’s potential, making significant strides towards a thriving and interconnected African trade landscape.
As Ghana seizes the opportunities presented by AfCFTA, its efforts reflect a strategic vision to consolidate its position as a key player in the evolving global trade landscape, contributing to the continent’s economic resurgence.
