Ghanaian consumers are expected to benefit enormously from the implementation of the African Continental Free Trade Agreement (AfCFTA).
Of the many benefits to be reaped from the implementation of the trade pact, one major benefit will be the purchase of goods at cheaper prices.
The resultant cheaper prices of goods, Ghana’s Minister for Trade and Industry, Alan Kyeremanten says will be due to the elimination of tariffs or duties on goods imported or exported between member states.
“For us in Ghana, yes we believe in Africa so we are doing this, but there are also benefits that will come to us, above all other things it is going to benefit Ghanaian consumers, because what AfCFTA does is to eliminate tariffs or duties on goods imported or exported between Africa countries. And no tariffs or duties on imported goods mean cheaper prices for consumers,” he said.
“And this benefit is beside the creation of good, quality and high paying jobs for the nation’s teeming youth,” he added.
The African Continental Free Trade Agreement (AfCFTA) begun on New Year’s Day, January 1, 2021.
With the commencement of the trade agreement, the African Continent is now the world’s biggest trading bloc in terms of market size – 1.3 billion Africans – and the number of participating African countries.
According to the World Bank, the creation of the vast AfCFTA regional market is a major opportunity to help African countries diversify their exports, accelerate growth, and attract foreign direct investments.
