Herbert Krapa, a DEPUTY Minister of Trade and Industry, stated that the nation was prepared for the African Continental Free Trade Area (AfCFTA) agreement to be fully operationalized.
He claimed that the Ghana Revenue Authority’s (GRA) customs division was prepared and qualified to offer certificates of origin that met all standards for a smooth start to the agreement.
Due to some nations’ failure to submit their tariff schedules to the AfCFTA Secretariat for technical confirmation, African countries have yet to fully benefit from the agreement three years after the AfCFTA’s launch.
When fully implemented, the AfCFTA agreement is anticipated to produce a market with a population of over 1.4 billion and a Gross Domestic Product (GDP) of over $4 trillion.
In addition, it is predicted that the AfCFTA will raise foreign direct investments in Africa by 111% to 159% and that by 2035, earnings for men and women will have increased by 9.8% and 11.2%, respectively.
Despite the fact that these figures strongly support the necessity for AfCFTA to be fully operationalized, this has not yet occurred.
However, Mr. Krapa gave the impression that Ghana was not one of the nations postponing the agreement’s full operationalization.
The deputy minister also mentioned that the ministry was gathering information so it could create a unique package for businesses looking to benefit from AfCFTA.
When the package was ready, he said it would be sent to the Cabinet for approval and then to Parliament for final approval.
He said that the package would take into account factors including the cost of infrastructure, loans, and power.
He claimed that the action was taken to increase the competitiveness of Ghanaian businesses on the continent.
AfCFTA, when fully operationalized, would hold the key to unleashing Africa’s full potential, according to Yofi Grant, CEO of the Ghana Investment Promotion Centre (GIPC), who gave the meeting’s opening comments.
Only 2.3% of world exports come from Africa, and these exports are primarily made up of raw materials and natural resources.
Even while only 16% of the continent’s exports are made for other African nations, a large portion of this trade consists of processed and semi-processed items.
In order to enable higher value addition, diversifying supply chains, increasing resilience to crises, and industrializing, Mr. Grant said it was essential to strengthen regional commerce. These actions would ultimately assist in the creation of jobs and better living conditions on the continent.
Because Africa held 30% of the world’s mineral reserves, 8% of the world’s natural gas reserves, 12% of the world’s oil reserves, 90% of the world’s chromium and platinum, 40% of the world’s gold, and 65% of the world’s arable land, he claimed that dream was unavoidable.
Source: Business Ghana
