Secretary General of the Africa Continental Free Trade Agreement (AfCFTA), Wamkele Mene, has said the trade pact as part of its objectives, seeks to de-risk investment on the continent.
According to Mr Mene, enhancement of Africa’s ease of doing business, investment dispute resolution protocols, intellectual property protection rights among others stipulated in the rules of the AfCFTA will result in the significant reduction in investment risks for foreigners and particularly African diasporans who want to invest in Africa.
“AfCFTA seeks to enhance the value proposition of investment by reducing investment risk in Africa and enhancing Africa’s ease of doing business,” averred Mr Mene in his remarks at the maiden edition of the Diaspora Investment Summit organised by the Ghana Investment Promotion Centre (GIPC).
Speaking at the event, Mr Mene encouraged African diasporans to come and invest in the continent, asserting investment protocols to be agreed upon in the Phase 2 of negotiations under the AfCFTA will provide substantive investment protection provisions for investors.
“Phase 2 of the negotiations will agree on investment protocols, competition policy, intellectual property rights, digital trade, women and young people in trade.”
“The AfCFTA rules on investment are important and will include substantive investment protection provisions, and a set of separate rules for the resolution of investment disputes,” he noted.
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Adding negotiations on the Phase 2 of the implementation of AfCFTA will be concluded by the end of December 2021
Concluding his remarks at the Diaspora Investment Summit, Mr Mene encouraged all African diasporans around the world to come and invest in the continent.
“I encourage the Ghanaian diaspora community to take advantage of the opportunity presented by the AfCFTA by harnessing the trade and investment engagement within the country and also on the market leveraging on the AfCFTA.”
“The diaspora all over the world is welcomed to join us (Africa) contribute to the historic mission of fostering a strong and sustainable economic development path in Africa.”
“Today, the case for investing in Africa is stronger than ever, Africa will remain a competitive destination for decades to come because of its improving relative risk profile, proliferation of democracy across the continent, continental integration and continued efforts at industrial development,” he intimated.
