President Akufo-Addo has assigned reasons to why Ghana, along with its 53 African counterparts that have ratified the African Continental Free Trade Area (AfCFTA) agreement, must ensure the success of the trade pact which will make Africa the single biggest trading bloc in the world.
Speaking at the official launch of the ‘Business Forum on the Start of AfCFTA Trading in Ghana’ on January 5, President Akufo-Addo noted the foremost reason why the AfCFTA must be made to succeed is its potential of increasing intra-Africa trade by some $35 billion every year.
“There are good reasons why the AfCFTA must succeed, first is the estimation that the single market will increase intra-Africa trade by as much as $35 billion per year by harnessing the purchasing power of 1.2 billion Africans,” he said.
“Second, is its ability to unlock and transform the huge resource endowments of the African continent through value addition. Third, it will increase export earnings in Africa as well as create regional value chains. And lastly, it will create massive job opportunities for the youth of Africa,” the president added.
Speaking further at the launch, the president noted government’s support for Ghana’s private sector to boost exports to other African countries under AfCFTA, underpins Government of Ghana’s (GoG) national action plan for boosting intra-African trade and National Export Development Strategy (NEDS).
Adding, the implementation of government flagship programmes such as the One District One Factory are all aimed at transforming the Ghanaian economy and positioning it as the new manufacturing hub on the continent.
“The implementation of government flagship and priority programmes such as One District One Factory (1D1F), Planting for Food and Jobs (PFJ), Planting for Food and Exports Programme, the port modernisation programme – the ICUMS-UNIPASS – is designed to transform the Ghanaian economy and position Ghana as the new manufacturing hub for the region,” President Akufo-Addo noted.
“I expect all stakeholders in the export value chain, including the relevant ministries, trade and investment promotion agencies, regulatory institutions, and business development services providers work closely towards the common goal of ensuring that Ghana achieves it’s Non-Traditional Exports (NTEs) target of $25 billion within the next 10 years,” the president stressed.
The president concluding his speech at the launch, assured the AfCFTA Secretariat of government’s support for the success of the AfCFTA initiative.
“I assure the African Union Commission (AUC) and the AfCFTA Secretariat of the continuous support of the government and people of Ghana for the success of the AfCFTA initiative,” he stated.
