President Akufo-Addo has averred that the success of the African Continental Free Trade Agreement (AfCFTA) will be congruent with government’s vision of a Ghana Beyond Aid.
Speaking on the commencement of the trade pact on New Year’s Day – January 1, 2021 – President Akufo-Addo asserted his vision of a ‘Ghana Beyond Aid’ will be better realized if the country takes advantage of the trade and investment opportunities AfCFTA presents.
“For Ghana, the success of AfCFTA ties in perfectly with the vision of moving beyond aid, a self-reliant Ghana that is rid of the mindset and dependence on aid and is determined to make intelligent disciplined use of her resources, the basis for her growth and prosperity. But this vision can be better realized if we can take advantage of the investment and trade opportunities that AfCFTA presents,” the president said.
Adding that, the government of Ghana is fully committed to the implementation of the AfCFTA which is evidenced by the citing of the headquarters of the AfCFTA in Accra, the nation’s capital.
Speaking further on the benefits of the trade agreement between the 55 African member states, President Akufo-Addo noted the AfCFTA aside offering the continent the huge opportunity of exploring its abundant wealth and resources to the benefit of Africans, will also offer protection to African countries from other trading blocs.
“AfCFTA provides us with the vehicle to trade among ourselves in a more modern and sophisticated manner. It will offer a huge opportunity to explore the abundant wealth and resources of our continent to the benefit of our people and will give us protection in how we deal with other trading blocs,” he said.
“With collective design for shared prosperity, we believe the AfCFTA will succeed and provide a new impetus and dynamism for the rapid growth of African economies and deepen the process of integration in Africa. We owe it to generations unborn to ensure that the biggest trading bloc on the globe will be rewarded to all in Africa,” he added.
Intra-trade on the African Continent currently stands at 15 per cent – unlike that of Europe that stands at 75 per cent – of a combined Gross Domestic Product (GDP) of $3.4 trillion.
The commencement of the much anticipated trade agreement kickstarted on New Year’s Day, January 1, 2021.
AfCFTA, according to the World Bank, is expected to increase trade between African countries to as high as 81 per cent by 2035 with member countries earning as much as $450 billion in real income.
The creation of the AfCFTA, the World Bank also asserts, has the potential to lift over 30 million Africans from extreme poverty.
