The Minister-designate for Trade and Industry, Mr Alan Kyerematen says the successful implementation of the Africa Continental Free Trade Area (AfCFTA) would help build a strong foundation for an “Africa beyond Aid”.
He said the removal of tariffs under AfCFTA would boost intra-African trade, stimulate investment and innovation, foster structural transformation, improve food security, enhance economic growth and export diversification.
Mr Kyerematen said this in a speech on his behalf by the Senior Technical Advisor of Trade and Industry, Mr Anthony Nyame-Baafi at a day’s seminar organised by the Ghana International Trade and Finance Conference (GITFIC) and the Association of Ghana Industry(AGI) in partnership with the Sekondi-Takoradi Metropolitan Assembly in Takoradi.
The Minister-designate said AfCFTA would also provide fresh impetus and dynamism to enhance economic integration in Africa.
He said a recent study by the world bank estimated that smooth implementation of AFCFTA would lift 30 million Africans out of extreme poverty and 70 million from moderate poverty by 2035.
Mr Kyerematen said the government had put in place all the appropriate mechanisms for the smooth implementation of AfCFTA and the commencement of AfCFTA trading.
The Minister-designate said AfCFTA was a potential game-changer for Africans, adding that the continent must not take “this window of opportunity” lightly.
“AfCFTA will also enhance Ghana’s current industrial development agenda and contribute to the diversification of the Ghanaian economy for accelerated inclusive economic growth and development.”
Mr Kyerematen said Ghana would continue to support the AfCFTA secretariat for a successful implementation to achieve Regional Integration goals, accelerated inclusive economic transformation and development for Africa.