Chief Executive Officer of the Ghana International Trade and Finance Conference (GITFiC), Selasi Koffi Ackom, has said that the current fragmentation of the African market will not threaten the successful running of the African Continental Free Trade Area (AfCFTA) agreement.
According to Mr Ackom, market fragmentation challenges and the other outstanding impediments will crumble progressively, as the socio-economic benefits of the agreement become evident.
Adding that such teething problems characterised multilateral arrangements such as the North American Free Trade Agreement (NAFTA), ASEAN Free Trade Area (AFTA), and the European Union (EU) and as such, the AfCFTA is no exception.
“We are looking at bringing different nations with different economic goals and challenges, and varying levels of advancement and aspirations together, we are bound to have more than a few teething problems.”
“Many countries treat revenue from their seaports as the proverbial cash-cow for intended developmental projects. Convincing them otherwise would take some time and the best proof is in the progressive success of the arrangement,” he stated in an interview.
Speaking further in the interview, Mr Ackom opined that the excitement and initial euphoria which was met with the commencement of the trade pact should not give way to a sense of gloom given the economic emancipation the trade agreement promises if successfully implemented.
He made the above assertions ahead of the 5th edition of the Ghana International Trade and Finance Conference (GITFiC).
This year’s conference, in partnership with the Association of Ghana Industries (AGI), German Development Agency (GIZ), and the Bank of Africa (BOA), will be held under the theme: Facilitating Trade and Trade-Finance in AfCFTA; The Role of the Financial Services Sector.
The conference will bring together the governors of the central banks of Ghana, Francophone West Africa, Francophone Central Africa and Nigeria, Dr. Ernest Addison, Kone Tiemoko Meyliet, Abbas Mahamat Tolli; and Godwin Emefiele respectively.
Others include the Director-General of West Africa Monetary Institute (WAMI), Dr. O. E. Olowofeso; Director of Research and Macroeconomics of the Ecowas Bank for Investment and Development, Dr. Joseph Asenso as well as the Commissioner for National Insurance Commission, Dr. Justice Ofori.
